The Term Quantity Supplied Refers to

question 7

Multiple Choice

The term quantity supplied refers to

• A)the minimum quantity producers must sell in order to stay in business.
• B)the quantity where the supply and demand curves cross.
• C)a supply schedule.
• D)the entire supply curve.
• E)the amount of a good producers are willing to sell at a given price.

---

Definitions:

Opportunity Cost

The outcome of forgoing possible advantages from other alternatives by choosing one option.

Natural Resources

Resources present in nature, like minerals, forests, water, and fertile lands, that can be tapped for making money.

Absolute Advantage

The ability of a country or individual to produce a good or service more efficiently than other countries or individuals, using fewer resources.

Production Possibilities Frontiers

A curve depicting the maximum output combinations of two goods that can be produced given the resources and technology.