The Quantity Supplied of a Good or Service Is the Amount

question 56

True/False

The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particular price.

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Definitions:

Need

A requirement for something because it is essential or very important.

Drive-reduction Theory

A psychological motivation theory suggesting that the act of fulfilling basic physiological needs reduces drive and generates a state of psychological equilibrium or satisfaction.

Famine

A severe shortage of food resulting in widespread hunger, malnutrition, and increased mortality.

Arousal Theory

The theory suggesting that people are motivated to maintain an optimal level of arousal for their best performance.