_____ refers to a specific quantity offered for sale at a specific price.Quantity suppliedMarket supplySupply curveDemand
Question
_____ refers to a specific quantity offered for sale at a specific price.
- Quantity supplied
- Market supply
- Supply curve
- Demand
Solution
The term that refers to a specific quantity offered for sale at a specific price is "Quantity Supplied".
Here's a step-by-step explanation:
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"Quantity Supplied" is a term used in economics to describe the amount of goods or services that are supplied at a given market price.
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This is determined by the suppliers of the product or service, who decide how much to produce based on the price they can get in the market.
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For example, if the price of an apple is 2, the farmer might decide to supply 200 apples.
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Therefore, the quantity supplied is directly related to the price. This relationship is often illustrated with a supply curve, which shows how the quantity supplied changes as the price changes.
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"Market Supply" refers to the total quantity of a good that all sellers are willing and able to sell at all possible prices, holding all else constant.
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"Supply Curve" is a graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time.
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"Demand" refers to the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.
So, in conclusion, "Quantity Supplied" is the term that refers to a specific quantity offered for sale at a specific price.
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