Question

market supply
you hear people using the term \supply\ casually almost every day: supply of gasoline, supply of microchips, supply of cars, supply of toilet tissue. most commonly, people refer to the quantities available for sale. however, this is not what economists mean by \supply.\ in economics, this term is reserved to denote the relationship between various prices and quantities supplied.
in this activity you, will be introduced to the concept of market supply from a graphical perspective. you will learn about the law of supply, which states that there is a direct relationship between the price of a good and the quantity sellers are willing to offer for sale in a defined time period, ceteris paribus. you will understand why the individual and market supply curves often have the positive slope as an increase in the price of a product causes an increase in the quantity supplied of that product. you will also learn the difference between the quantity supplied and supply, and explore the factor affecting market supply. the activity will focus on the following learning objectives:

• describe how both individual and market supply curves are constructed.
• explain how changes in non - price determinants of supply will affect supply.

there is no difference between the terms \supply\ and \quantity supplied.\
true
false

Explanation:

In economics, "supply" refers to the relationship between prices and quantities supplied, while "quantity supplied" is the amount offered for sale at a specific price. They are different concepts.

Answer:

B. False