_ is the willingness and ability of producers to offer a good or service for sale. (1 point) Responses Demand Demand Advantage Advantage Equilibrium Equilibrium Supply Supply
The correct answer is "Supply."
Supply
The correct answer is: Supply
To understand the concept of supply, we need to recognize that in an economic context, it refers to the amount of a particular product or service that producers are willing and able to provide for sale in the market at a given price and time.
To determine the supply of a good or service, producers take into consideration various factors such as production costs, availability of resources, technology, and the expected price level. Generally, as the price of a product or service increases, producers are more likely to offer more of it in the market, resulting in an upward-sloping supply curve. Conversely, if the price decreases, producers may reduce production or eventually exit the market, leading to a downward-sloping supply curve.
The concept of supply is crucial in understanding how markets function. It interacts with demand, which reflects the willingness and ability of buyers to purchase a particular product or service. The price intersection of supply and demand curves determines the market equilibrium, where the quantity supplied matches the quantity demanded.