Question

Supply is associated with which of the following?

• A. A time period
• B. Price
• C. Both (A) and (B)
• D. None of these

Hint:

Supply is the quantity offered at a specific price during a specific time period.

Answer 1

The Correct Option is C

Supply is a flow concept. It refers to the quantity of a good or service that a producer is willing and able to offer for sale. This willingness to supply is always defined with respect to two key elements:

Price: The quantity a producer is willing to supply depends directly on the price they can receive.
A time period: Supply must be expressed over a specific period (e.g., per day, per week, per year).
Therefore, supply is meaningless without reference to both a price and a time period.