ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The quantity of a product that producers are willing and able to provide at a specific price is known as demand. False. Individuals who purchase products and services to satisfy needs are known as producers.
Detailed explanation-2: -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-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. Quantity Supplied-the amount of a good that firms choose to sell at a particular price.
Detailed explanation-4: -Supply curve: the function that represents the relationship between the price and the quantity of products or services that producers are willing to supply at any given price point.
Detailed explanation-5: -Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period.