What is the willingness and ability of producers to offer a good for sale referred to as?
A) Private enterprise
B) Supply
C) Free market economy
D) Law of supply
E) Degrees of competition

Question

Quizplus · Accepted Answer

The willingness and ability of producers to offer a good for sale is referred to as supply. This is because it relates to the amount of a particular good or service that producers are able and willing to bring to market at a given price level. The law of supply states that suppliers are willing to produce and offer more goods and services for sale at higher prices, while they are willing to produce and offer fewer goods and services for sale at lower prices.

What Is the Willingness and Ability of Producers to Offer