Answer: The amount of a good or service that a producer is willing and able to supply at a specific price is known as the "supply." Supply is one of the key determinants of market price and is influenced by factors such as production costs, technology, and the availability of resources. When the price of a good or service increases, producers are typically more willing to supply a greater quantity of it. Conversely, when the price decreases, producers may supply less of the good or service. The relationship between price and supply is often represented graphically on a supply curve, which slopes upward to the right, indicating that an increase in price leads to an increase in the quantity supplied.