Which of the following states the definition of supply?
A. More of a good is supplied at a lower price.
B. There is a positive relationship between the price of a good and the quantity that buyers want to purchase.
C. There is a positive relationship between the price of a good and the quantity offered for sale by suppliers.
D. There is a negative relationship between the price of a good and the quantity offered for sale by suppliers.
Answer: C
You might also like to view...
The success of Walt Disney's animated film The Lion King in 1994 increased production of animated films, increasing the demand for animators much faster than the supply of animators was increasing
As a result, in the market for animators, the equilibrium wage fell and the equilibrium quantity increased. Indicate whether the statement is true or false
A new law applied to a competitive market that requires laid off workers be paid a large severance payment will
A) not generate a deadweight loss. B) increase total welfare. C) increase consumer surplus in the market. D) decrease consumer surplus in the market.