The Quantity Supplied of a Good,service,or Resource Is ________ During

question 140

Multiple Choice

The quantity supplied of a good,service,or resource is ________ during a specified period and at a specified price.

• A) the amount that people are able to sell
• B) the amount that people are willing to sell
• C) the amount that people are able and willing to sell
• D) the amount that people are willing and able to buy
• E) the amount sold

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Definitions:

Resource

Raw materials, labor, capital, and other inputs used in the production of goods and services.

External Benefits

Benefits of a good or service that are not captured by the market price and are received by third parties.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar but differentiated.

Maximize Profit

The goal of adjusting production or service levels to achieve the highest possible returns.