Supply: Supply means the various amounts of the commodity, other things remaining constant, the sellers are willing and able to sell at different prices at any moment of time or during any one period of time. In other words of prof. Bach, “Supply is a schedule of amounts that will be offered for sale at different prices during any given time period, other factor remaining unchanged.” The amount of commodity which sellers are willing to sell depends upon a number of factors like price of that commodity, prices of factors of production, state of technology, supply of co-operant factors etc. But for our purpose, supply is taken as function of price alone, all other factors remaining the same. The law of supply states that the quantity of a good offered or willing to offer by the producers/owners for sale increase with the increase in market price of the good and fall if the market price decreases, all other things remaining unchanged. The law of supply establishes a direct relati