GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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how much of a product or service the market has to offer
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how much of a product that the customer wants to buy
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how many goods are available for purchase
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how much of a product or service that buyers want to sell
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Detailed explanation-1: -Supply represents how much the market can offer a certain product or service. The quantity supplied can be referred to as the amount of certain good producers they provide that is received recklessly for a certain price.
Detailed explanation-2: -The market supply represents the total quantity of goods or services that producers are willing to supply at a specific price and time. That is the sum of all individual producer supply.
Detailed explanation-3: -2 Definition of Supply Supply represents how much the market can offer. It indicates how many product producers are willing and able to produce and offer for sale over a range of prices and quantity.
Detailed explanation-4: -Supply refers to the market’s ability to produce a good or service, whereas demand refers to the market’s desire to purchase the good or service. Supply and demand is often considered to be a fundamental concept within economics and is primarily used to describe the price and availability of commodities.
Detailed explanation-5: -Market supply is the total amount of an item producers are willing and able to sell at different prices, over a given period of time e.g. one month. Industry, a market supply curve is the horizontal summation of all each individual firm’s supply curves.