Law of Supply Quick Check

Question

2 of 52 of 5 Items
Question
What is the difference between supply and quantity supplied?(1 point)
Responses

Supply is how much consumers are willing to buy; quantity supplied is how much is made available.
Supply is how much consumers are willing to buy; quantity supplied is how much is made available.

Supply is the total amount of goods available; quantity supplied is how much is made available at each price level.
Supply is the total amount of goods available; quantity supplied is how much is made available at each price level.

Supply deals with the decisions of consumers and quantity supplied deals with the decisions of a producer.
Supply deals with the decisions of consumers and quantity supplied deals with the decisions of a producer.

Supply and quantity supplied are the same.

Answer 1

Supply is the total amount of goods available in the market, while quantity supplied is the specific amount of goods that producers are willing to supply at a particular price level. In other words, supply is the entire relationship between price and quantity offered for sale, while quantity supplied refers to a specific point on that supply curve.