What term refers to the total amount of a good or service that is available for purchase?
A. Demand
B. Supply
C. Scarcity
D. Opportunity cost
My answer is B.
Supply is the correct answer
Thank you so much.
Correct! The term that refers to the total amount of a good or service that is available for purchase is supply.
To arrive at this answer, you need to understand the concept of supply and its relationship with demand. While demand represents the quantity of a good or service that consumers are willing and able to buy at a given price, supply represents the total amount of that good or service that producers are willing and able to offer for sale at a given price.
In economics, the interaction between supply and demand determines the market price and quantity of a good or service. When the supply of a good or service increases, it generally leads to a decrease in price, all other factors being equal. Conversely, when the supply of a good or service decreases, it tends to result in an increase in price.
Therefore, option B, supply, is the correct answer in this context. Well done!