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WAEC Economics 2017 Question 11

Question 11

Theory of Supply

Effective supply is the total amount of a commodity

  1. A.from a single producer.
  2. B.in the warehouses of producers.
  3. C.offered for sale at a market price.
  4. D.produced for the market.
Show the answer and explanation

Answer: C (offered for sale at a market price.)

Explanation

Supply means the quantity actually offered for sale at a given price.