Question

Read the paragraph.

My sister Grace and I like to make bead bracelets. We always receive compliments on the bracelets we make, so we decided to make 20 bracelets to sell for $3 each. People were so eager to buy the bracelets that our supply quickly ran out. In fact, demand for the bracelets was so great that we couldn’t make them fast enough!

What is the most likely meaning of supply?


the cost of one product compared to another

the amount of product available for purchase

the materials necessary to make a product

the price at which a product can be sold

Answer 1

Supply refers to the complete amount of a given commodity or service that is available to consumers. Hence appropriate option is B

What do you mean by demand and supply?

The number of people wanting and able to acquire things at various prices during a certain period of time is known as demand. The desire to get a thing, as well as the readiness and capacity to pay for it, are all indicators of demand for any item.

If depicted on a graph, supply can refer to the quantity available at a single price or the amount available throughout a range of prices.

Therefore ,

Grace and her sister are referring to the amount of product that is available for purchase by Supply.

Learn more about supply:

https://brainly.com/question/13296654

#SPJ1