Supply refers to

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Supply refers to

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Question restatement: Supply refers to
Options:
 a. the willingness and ability of a consumer to pay for a product.
 b. the willingness and ability of a supplier to sell a product.
 c. the desire of a firm to minimise its costs of production.
 d. the availability of resources available for production.

Option a: This describes demand, which is about consumers’ willingness and ability to purchase goods. It is not about supply, so this choice misattributes the concept to buyers rather than sellers. It confuses the market-side behavior with the other side of the market.

Option b: This matches the core idea of supply. Supply is the quantity that producers are willing and able to offer for sale at different prices, reflecting both their willingness and their capacity to produce and sell. This captures the producer-side perspective and the practical constraints involved in selling goods.

Option c: While costs of production influence supply decisions, this option describes a firm’s objective or strategy rather than the definition of supply itself. It points to cost minimization as a motive, not to the actual willingness and ability to supply goods.

Option d: Availability of resources is a factor that affects production feasibility, but this statement focuses on inputs rather than the act of supplying a product to the market. It’s more about resource endowments than the market mechanism of supplying at various prices.

In summary, option b correctly defines supply as the willingness and ability of a supplier to sell a product, whereas the other options describe demand (a), strategic cost considerations (c), or resource availability rather than the act of supplying (d).

MUF0061 Economics Unit 1 - Semester 2, 2025 Revision Quiz - Supply (10 - 15 minutes)

Supply refers to

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Supply refers to

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