Final answer:
The quantity of stock on hand that is tracked in supply records is called the quantity supplied, which is distinct from the term 'supply.' The quantity supplied is a single point on the supply curve reflecting stock available at a specific price.
Step-by-step explanation:
The quantity of stock on hand for which supply records are maintained is known as the quantity supplied. It is a specific point on the supply curve that represents the amount of goods that are available for sale at a particular price. This is in contrast to the supply curve itself, which shows the relationship between a range of prices and the quantities supplied at those prices. The supply curve is represented graphically by sloped lines in a supply and demand graph, and each point on this curve is a potential quantity supplied.
It is important to distinguish between the term 'supply' and 'quantity supplied'. Supply refers to the entire relationship illustrated by the supply curve, whereas 'quantity supplied' refers to a specific point on that curve. Understanding this distinction helps in assessing market dynamics and predicting how changes in price might affect the amount of stock that is available in the market.