Supply refers to

Question

Supply refers to

BlackTom AI · Accepted Answer

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

查看解析

登录即可查看完整答案

类似问题

当经济学家谈论供给时，他们指的是每单位销售产品的价格与_________________之间的关系。

The relationship between the quantity of a good or service sellers are willing to offer for sale at different prices is:

When the supply curve shifts to the right, what does it indicate?

When the supply curve shifts to the right, what does it indicate?

An increase in production costs at any given quantity:

A decrease in a per unit production subsidy:

What would be the likely effect of improved technology on supply?

Supply refers to

更多留学生实用工具

考试浏览器助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单