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Question 3

The amount that people are willing and able to buy is known as:

A. Supply
B. I don't know

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GinnyAnswer

Final answer:

Supply in economics is the quantity that producers are willing to sell, influenced by the price level and following the law of supply.


Explanation:

Supply in economics refers to the amount that people or firms are willing and able to produce and provide to buyers. It is determined by the price level, following the law of supply, which states a positive relationship between the quantity supplied and the price. Equations and graphs are often used to represent supply in markets and determine equilibrium.


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