Final answer:
Supply is the willingness and ability of buyers to purchase a product or service, while demand is the willingness and ability of producers to offer a good or service for sale.
Step-by-step explanation:
The statement in question is true. Supply refers to the willingness and ability of buyers to purchase a product or service, while demand refers to the willingness and ability of producers to offer a good or service for sale. The concept of supply and demand is an important principle in economics, where it helps determine the equilibrium price and quantity of a good or service. For example, when the supply of a product exceeds the demand, the price typically decreases, and vice versa.
Learn more about Supply and Demand