Question

What is the difference between the supply and

the quantity supplied of a product, say milk? Explain

in words and show the difference on a graph with the

supply curve for milk.

Short answer

Supply is the total number of goods & services that are able to consumers at a range of prices.

Quantity supplied is certain kinds of goods & services provided to the consumer at a certain price.

Step-by-step solution

Step 1. Law of supply

According to the law of supply, a direct and positive relationship exists between the quantity supplied of a product and its price.

Step 2.Graphical representation 

Supply is the total amount of milk that is provided to the market at a range of prices.

Supply of milk refers to the different quantities of milk that producers are willing and bale to supply at various prices.

Quantity supplied for milk is a certain amount of milk provided to the consumer at a certain price.

Explanation:

An upward-sloping supply curve represents the positive relationship between the range of prices and the quantity supplied

Y-axis represents the different levels of price & the X-axis represents the quantity supplied at those prices.