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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
MCQ
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.
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Concept of Supply
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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.
Explain how the supply of a commodity is affected by the prices of other related commodities. Give suitable examples.
