Practice Quiz

Praxis II Early Education Content Knowledge

Category - Social Studies

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Which of the following best defines the termsupplyin terms of economics?
  1. Many consumers buying a standardized product from numerous small businesses
  2. The quantity of a product that buyers are willing to purchase at various prices
  3. The quantity of a product that sellers are willing to sell at various prices
  4. The price at which buyers are willing to buy the same amount that sellers are willing to sell
Explanation
Answer: C - Supply is the quantity of a product that sellers are willing to sell at various prices. The quantity that businesses are willing to sell depends on its price. In order to make a profit, companies are more willing to sell products when their prices are high.
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