8 min read
This study guide covers supply in AP Macroeconomics, including the definition of supply, the difference between quantity supplied and supply, the Law of Supply, and the determinants of supply (ROTTEN: Resources, Other goods prices, Taxes, Technology, Expectations, and Number of competitors). It also provides practice questions and key exam tips.
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Question 1 of 8
Ready to dive into Supply? 🤔 Which of the following best describes what 'supply' represents in economics?
The amount consumers desire to purchase at various prices
The various quantities of a good or service that firms are willing and able to produce at different price levels
The total amount of a good or service available in the market
The actual quantity of a good or service sold at a specific price