Which term describes the total supply of a product?

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Study for the IGCSE Economics CIE Section 2 on resource allocation. Practice with flashcards and multiple-choice questions, each with hints and explanations. Prepare for success!

Multiple Choice

Which term describes the total supply of a product?

Explanation:
The total supply of a product in a market is described as market supply. Supply can refer to how much a single producer is willing to offer at various prices, but market supply is the sum of all producers’ supplies across the whole market, showing how much would be available in total at each price. This is different from demand, which is what buyers are willing to purchase, and from market equilibrium, which is the point where market supply equals market demand.

The total supply of a product in a market is described as market supply. Supply can refer to how much a single producer is willing to offer at various prices, but market supply is the sum of all producers’ supplies across the whole market, showing how much would be available in total at each price. This is different from demand, which is what buyers are willing to purchase, and from market equilibrium, which is the point where market supply equals market demand.

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