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Question
Which one of the following is not a feature of supply?
Options
Price of the commodity
Period of time
Willingness to buy
Quantity of the commodity
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Solution
Willingness to buy
Explanation:
- Supply is concerned with the quantity of a commodity that producers are willing and able to sell at different prices over some time. It focuses on the willingness to sell or supply, not the willingness to buy.
- Willingness to buy is related to demand, not supply.
- Price of the commodity, period of time, and quantity of the commodity are all key features of supply, but willingness to buy is not.
RELATED QUESTIONS
Following is an essential feature of supply:
Supply always refers to a specific desired quantity which a seller is willing to ______.
Define the term supply.
Price of the commodity and quantity supplied of that commodity is ______ related.
Explain how the supply of a commodity is affected by the prices of other related commodities. Give suitable examples.
How is a market supply curve constructed?
What is the difference between supply and quantity supplied?
What does the supply curve typically look like for an individual firm?
How does better transportation affect supply?
What is stock in the context of supply?
