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
I think the answer is B.
Correct.
You are correct! The term that refers to the total amount of a good or service that is available for purchase is B. Supply.
To arrive at this answer, one must understand the basic principles of economics. The concepts of demand and supply are fundamental to understanding market dynamics.
Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various price levels. On the other hand, supply refers to the quantity of a good or service that producers are willing and able to offer for sale at various price levels.
In this case, the question asks for the term that describes the total amount of a good or service available for purchase, which aligns with the concept of supply. Therefore, the correct answer is B.