Learning Path
Question & Answer
Choose the Best Answer
Quantity supplied
Profit margin
Consumer preference
Market demand
Understanding the Answer
Let's break down why this is correct
Supply is the amount that sellers are willing to give at a certain price. Other options are incorrect because Profit margin is the extra money sellers make; Consumer preference is what people like or dislike.
Key Concepts
Demand and Supply Basics
easy level question
understand
Deep Dive: Demand and Supply Basics
Master the fundamentals
Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
Topic Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
Ready to Master More Topics?
Join thousands of students using Seekh's interactive learning platform to excel in their studies with personalized practice and detailed explanations.