"Supply" is best defined as the relationship between:

Question

Quizplus · Accepted Answer

Supply is the relationship between the price of a good or service and the quantity supplied by producers at each price during a period of time. It shows how much of a product or service producers are willing and able to sell at different price levels. The higher the price, the higher the quantity supplied, and vice versa. A is incorrect because it only focuses on one point on the supply curve, while supply encompasses the entire curve. C is incorrect because it focuses on the cost of producing a good rather than how much producers are willing to supply at different prices. D is incorrect because it reverses the cause and effect relationship between quantity supplied and price.

"Supply" Is Best Defined as the Relationship Between