The amount of a good or service available in a market at a given price is known as

Question

The amount of a good or service available in a market at a given price is known as

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2022-04-21T21:40:30+00:00 2 Answers 0

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  1. Ella
    0
    2022-04-21T21:41:58+00:00

    The amount of a good or service available in a market at a given price is known as “supply”.

    The measure of a good in the market is the supply, and the sum individuals need to purchase is the demand.

    n

    Supply refers to the how much the market can offer. The amount provided alludes to the measure of a specific good makers will supply while getting a specific cost. The connection among’s cost and the amount of a good is provided to the market is known as the supply relationship. Cost, in this manner, is an impression of supply and demand.

  2. Melody
    0
    2022-04-21T21:42:13+00:00

    The correct answer is: “quantity supplied”

    A supply function represents the quantity of a certain good or service that producers are willing to offer at different price levels. The law of supply states that there is an direct relationship between price and quantity supplied (ceteris paribus, hence, given that the rest remains equal). Therefore, when the market price increases so does the amount supplied by producers, as they expect to earn a larger profit under such scenario.

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