Question
Output and Supply
| Output | Supply |
| 1. Output refers to the total quantity of a commodity that a producer produces with the help of factors of production using a particular technology during a given period of time. | (a) Supply refers to the quantity of a commodity which producers are willing to offer for sale at a given price during a given period of time. |
| 2. Output is a function of input. So, O = f (Inputs) | (b) Supply is a function of stock. So, S =f (Stock) |
| 3. Output depends upon the level of investment, technique of production, cost of production, availability of factors and natural resources, etc. | (c) Supply depends on the stock and price. |
| 4. Output forms the basis of stock. | (d) Stock forms the basis of supply. |
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