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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:
The quantity of a commodity which a seller is ready to offer for sale at a given price and at a given time. This defines ______.
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.
Which factor usually decreases the supply of a commodity?
What is the difference between supply and quantity supplied?
Which of the following is NOT a factor affecting supply?
What does the supply curve typically look like for an individual firm?
Supply is always stated with ______.
