Which of the following best defines supply? A. The amount of a good that consumers want to buy at different income

Question

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.

Help In Homework · Accepted Answer

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.

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Which of the following best defines supply? A

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Archived Solution

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.