The quantity of a good or service that producers are willing to sell at different prices during a specific time period is known as the:
A)Supply of that product or service.
B)Demand for that product or service.
C)Elasticity of that product or service.
D)Utility of that product or service.

Question

Quizplus · Accepted Answer

Supply refers to the quantity of a good or service that producers are willing and able to offer for sale at different prices during a specific time period. Therefore, option A is the correct answer. Option B refers to the willingness and ability of buyers to purchase a product or service at different prices, while option C refers to the degree of responsiveness of demand or supply to changes in price. Option D refers to the usefulness or satisfaction that a consumer derives from consuming a good or service.

The Quantity of a Good or Service That Producers Are