Economists use the term supply to refer to
A)the upward-sloping line that relates consumer expenditures to different output levels.
B)the downward-sloping line that relates consumer expenditures to different output levels.
C)a set of price and quantity supplied combinations, everything else held equal.
D)the amount producers are willing but not able to produce at each price.
E)a particular quantity supplied at a specific price.

Question

Quizplus · Accepted Answer

Supply refers to a set of price and quantity supplied combinations, everything else held equal. It represents the amount of a product that producers are willing and able to sell at different price levels. The supply curve is upward sloping, indicating that higher prices lead to higher quantities supplied, assuming all other factors remain constant.

Economists Use the Term Supply to Refer to