The term supply is best defined as ________.
A) giving something to someone who needs it
B) the willingness and ability of producers to offer a good or service for sale
C) the area in which a firm keeps its wholesale stock for future use
D) the willingness and ability of buyers to buy a good or service

Question

Quizplus · Accepted Answer

Supply refers to the amount of a particular good or service that producers are willing and able to offer for sale at a given price. It is not about giving something to someone who needs it (A) or the location where a firm keeps its stock (C). The willingness and ability of buyers to purchase a good or service is referred to as demand, which is different from supply (D).

The Term Supply Is Best Defined as ________