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Homework answers / question archive / Which of the following best defines supply? A
Which of the following best defines supply?
A. The amount of a good that consumers want to buy at different income levels.
B. The amount of a good that consumers are willing and able to buy at each possible price, other things constant.
C. The amount of a good that producers are willing and able to sell at each possible price, other things constant.
D. The amount of a good that producers want to sell at a fixed price.
A. The amount of a good that consumers want to buy at different income levels | No, this is related to demand. |
B. The amount of a good that consumers are willing and able to buy at each possible price, other things constant. | No, this is also related to demand. |
C. The amount of a good that producers are willing and able to sell at each possible price, other things constant. | Yes, this is the best answer. |
D. The amount of a good that producers want to sell at a fixed price. | No, this is one point on a supply curve. |