alleryStart learning →What is supply?
AThe quantity people are willing to buy at various prices
BThe quantity businesses will make available at various prices
CThe stock of finished goods a business holds in its warehouse
DThe total quantity of a good that exists in a country today
Answer & Solution
Correct answer: B. The quantity businesses will make available at various prices
1. Supply is the quantity of a good or service that businesses will make available at various prices.
2. The higher the price, the greater the quantity a supplier will offer.
3. The quantity people are willing to buy at various prices is demand.
4. A warehouse stock and the total quantity in existence are fixed amounts rather than schedules against price.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 1 "Understanding Economic Systems and Business", section 1.6 Microeconomics: Zeroing in on Businesses and Consumers_
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