Question

Supply is defined as: A) the maximum amount of a product that buyers are willing and able to purchase over a particular time period at various prices, holding all other relevant factors constant. B) the maximum amount of a product that sellers are willing and able to provide for sale over a particular time period at various prices, holding all other relevant factors constant. C) the minimum amount of a product that buyers are willing and able to purchase over a particular time period at various prices, holding all other relevant factors constant. D) the minimum amount of a product that sellers are willing and able to provide for sale over a particular time period at various prices, holding all other relevant factors constant.

Answer 1

B

Step-by-step explanation:

supply is the amount of goods and services that suppliers are willing to supply over a given range of price holding all other factors constant.

the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

Demand is the maximum amount of a product that buyers are willing and able to purchase over a particular time period at various prices, holding all other relevant factors constant.