ECONOMICS
SUPPLY
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Decrease
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Increase
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Stay the same
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None of the above
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Detailed explanation-1: -Supply is the quantity of goods and services readily available for sale in the market at a given price. Supply is decided by price and demand.
Detailed explanation-2: -The amount of a good, service, or resource that people are willing and able to sell during a specified period at a specified price. Other things remaining the same, • If the price of a good rises, the quantity supplied of that good increases. If the price of a good falls, the quantity supplied of that good decreases.
Detailed explanation-3: -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-4: -Unfortunately, the demand for consumer goods is affected by many different factors including product price, consumer income and expectations.