amount of goods offered to the market at respective prices and presented in a table is called

Assessment: WAEC SSCE - Economics - 2005 (Objective) Subject: Economics

Question 1 Report

amount of goods offered to the market at respective prices and presented in a table is called
Answer Details
The amount of goods that are available to be sold in the market at different prices is called a "supply schedule". It is presented in a table that shows the different quantities of a product that suppliers are willing and able to offer for sale at various prices. For instance, a supply schedule for apples could show that at a price of $1 per pound, farmers are willing and able to supply 1000 pounds of apples, and at a price of $2 per pound, they are willing and able to supply 2000 pounds of apples. The supply schedule helps us to understand the relationship between the price of a product and the amount of it that is supplied to the market. It shows that as the price of a product increases, the quantity supplied of that product also increases. This is because suppliers are motivated by the higher prices to offer more of the product for sale.

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