Answer:
a. we must add up all of the amounts that firms are willing and able to supply at that price.
Step-by-step explanation:
In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.
The law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal.
On the other hand, the law of supply states that the higher the price of goods and services, the lower the supply.
Aggregate supply (AS) refers to the total quantity of output (goods and services) that firms are willing to produce and sell at a given price in an economy at a particular period of time.
An aggregate supply curve gives the relationship between the aggregate price level for goods or services and the quantity of aggregate output supplied in an economy at a specific period of time.
In a market, to find the total amount supplied at a particular price, we must add up or sum all of the amounts (quantities) of a product that firms are willing and able to supply at that price.
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services.