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The quantity supplied of a good or service is the amount that
- a)producers and suppliers plan to sell and willing during a given time period at a given price
- b)producers wish they could sell at a higher price
- c)is actually bought during a given time period at a given price
- d)None of these
Correct answer is option 'A'. Can you explain this answer?
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The quantity supplied of a good or service is the amount thata)produce...
Quantity Supplied of a Good or Service
Definition: The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a given price.
Explanation: The statement given in the question that the correct answer is option 'A' is incorrect. The quantity supplied of a good or service is not the amount that is actually bought during a given time period at a given price. It is, in fact, the amount that producers plan to sell during a given time period at a given price.
When we talk about the supply of a good or service, we are referring to the amount of that good or service that producers are willing and able to sell at a given price. This means that the quantity supplied is a function of price. As the price of a good or service increases, producers are willing to supply more of that good or service, ceteris paribus.
Factors Affecting Quantity Supplied: There are several factors that affect the quantity supplied of a good or service. These include:
- Price of the good or service: As mentioned earlier, the price of the good or service is the primary factor affecting the quantity supplied. As the price of the good or service increases, producers are willing to supply more of it, and vice versa.
- Production costs: The cost of producing the good or service also affects the quantity supplied. If the production costs are high, producers may be unwilling or unable to supply as much of the good or service, even if the price is high.
- Technology: Advances in technology can lower production costs, which can increase the quantity supplied of a good or service.
- Government regulations: Government regulations can also affect the quantity supplied of a good or service. For example, if there are restrictions on the production or sale of a good or service, the quantity supplied may be lower than it would be otherwise.
Conclusion: In conclusion, the correct answer to the question is option 'C', not option 'A'. The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a given price.
Definition: The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a given price.
Explanation: The statement given in the question that the correct answer is option 'A' is incorrect. The quantity supplied of a good or service is not the amount that is actually bought during a given time period at a given price. It is, in fact, the amount that producers plan to sell during a given time period at a given price.
When we talk about the supply of a good or service, we are referring to the amount of that good or service that producers are willing and able to sell at a given price. This means that the quantity supplied is a function of price. As the price of a good or service increases, producers are willing to supply more of that good or service, ceteris paribus.
Factors Affecting Quantity Supplied: There are several factors that affect the quantity supplied of a good or service. These include:
- Price of the good or service: As mentioned earlier, the price of the good or service is the primary factor affecting the quantity supplied. As the price of the good or service increases, producers are willing to supply more of it, and vice versa.
- Production costs: The cost of producing the good or service also affects the quantity supplied. If the production costs are high, producers may be unwilling or unable to supply as much of the good or service, even if the price is high.
- Technology: Advances in technology can lower production costs, which can increase the quantity supplied of a good or service.
- Government regulations: Government regulations can also affect the quantity supplied of a good or service. For example, if there are restrictions on the production or sale of a good or service, the quantity supplied may be lower than it would be otherwise.
Conclusion: In conclusion, the correct answer to the question is option 'C', not option 'A'. The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a given price.
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The quantity supplied of a good or service is the amount thata)produce...
Quantity supplied of a good or service is the amount that the producer is willing and able to supply the goods at a given price during a given period of time
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The quantity supplied of a good or service is the amount thata)producers andsuppliersplan to sell and willing during a given time period at a given priceb)producers wish they could sell at a higher pricec)is actually bought during a given time period at a given priced)None of theseCorrect answer is option 'A'. Can you explain this answer?
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