Supply refers to the amount of a product that sellers are willing and able to sell at various prices. It is not the maximum price that sellers are willing to accept (option A), the amount of a product that suppliers would sell if they had control over the market (option B), or the amount of a product that sellers would sell if the market clears (option D).

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Supply Refers to the

Question 207

Multiple Choice

Supply refers to the

A) maximum price that sellers are willing to accept for a given quantity.
B) amount of a product that suppliers would sell if they had control over the market.
C) amount of a product that sellers are willing and able to sell at various prices.
D) amount of a product that sellers would sell if the market clears.

Correct Answer: