Supply- The quantity of a commodity that the producer is willing to sell at a given price during a given period of time is called supply.
Market Supply -The quantity of a commodity which all the sellers in the market wish to sale at a given price and given period of time is called market supply.
The factors affecting supply or Determinants of supply -
i) Technological changes - Technological advancement in the field of production leads to decrease the cost of production and increases the production and supply of good. The technological progress shifts supply curve to the right and vice versa.
ii) Price of other goods - With the fall in the price of other goods, supply of good increase. The supply curve shifts to the right and vice versa.
iii) Change in input price - If the price of factor inputs decreases it decreases the cost of production and increase the production & supply of good. The supply curve shifts to the right and vice versa.
iv) Change in the excise tax rate - If the excise duty decreases, it decreases the production cost and increases the production & supply of good. The supply curve shifts to the right and vice versa.
