GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ refers to the quantity of a good or service that businesses are willing and able to provide.
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Demand
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Supply
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Market Price
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None of the above
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Explanation:
Detailed explanation-1: -The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
Detailed explanation-2: -Q. Individual demand refers to the quantity of the commodity that a consumer is able and willing to buy at each possible price during a given period of time.
Detailed explanation-3: -The quantity of a product that producers are willing and able to provide at a specific price is known as demand.
There is 1 question to complete.