The amount of a good or service that producers are willing and able to sell at a specific time is the supply.
What affects supply demand?
When prices increase, people prefer to supply more and demand less, and the opposite is true when prices decline. The underlying principle of this concept is the law of supply and demand. The interaction of the two laws determines the true market price and the quantity of commodities available on the market.
What causes supply to decrease?
A good's supply declines if the cost of one of its production complements decreases. The cost of production is influenced by the cost of resources and inputs. Additionally, the supply of a good decreases in proportion to how much it costs to make it. Future pricing expectations have an impact on supply.
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