QUESTION IMAGE
Question
supply is the quantity of a good or service that producers are _______ to offer for sale at each possible price.
scarcity and opportunity cost
supply and demand
price and quantity
willing and able
The definition of supply in economics requires producers to have both the willingness to sell a good/service and the ability (e.g., resources, capacity) to offer it at different price points. The other options are either core economic concepts unrelated to filling this definitional blank or do not match the required criteria for supply.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
willing and able