BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumers are willing and able to purchase
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Producers are willing and able to manufacture
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Detailed explanation-1: -Economists define supply as the quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period.
Detailed explanation-2: -In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a given market price. The quantity supplied differs from the actual amount of supply (i.e., the total supply) as price changes influence how much supply producers actually put on the market.
Detailed explanation-3: -Supply-a schedule or a curve showing the amounts of a product a producer is willing and able to produce and make available for sale at each of a series of possible prices during a specific period of time.
Detailed explanation-4: -Market demand is the total quantity demanded by all consumers in a market for a given good. Aggregate demand is the total demand for all goods and services in an economy.