Question

Identify and explain the following concept.

Out of 4000 kgs of rice, the farmer offered to sale 1000 kgs of rice in the market for ₹ 40 per kg.

Answer 1

Concept: Supply.

Explanation:

• The complete number of goods and services that a seller is willing and able to provide for sale at a specific price, over a specific time period, is referred to as supply.
• For instance, a farmer produces 4000 kg of rice overall. The entire stock is shown here. He offers to sell 1000 kgs at a price of $40 per kg. The real supply is as stated.