Economics · Theory of Supply
In relation to the term 'Supply' in economics, which of the following statements is INCORRECT?
- 1Supply requires both willingness and the ability to supply.
- 2Supply is not identified for a specified time period.✓
- 3Supply is a flow variable.
- 4Supply refers to what a firm offers for sale in the market.
Correct answer
Supply is not identified for a specified time period.
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