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 10
What does 'supply' refer to in economics? 🤔
The total amount of a good consumers want to purchase
The various quantities of a good or service that firms are willing and able to produce at different price levels
The specific amount of a good produced at a single price
The amount of resources available to produce goods