Supply
Study Guide Overview
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