What does supply refer to in economic terms?

Supply in economic terms refers specifically to the quantity of goods that producers are willing and able to sell at a specific price during a certain time period. This concept implies a direct relationship between price and quantity: typically, as prices increase, suppliers are motivated to produce and sell more goods, leading to an increase in supply.

When evaluating the other options, demand pertains to how much of a product consumers are willing to purchase at various price points, which is reflected in choice B. The cost of production, mentioned in choice C, focuses on the expenses incurred in the creation of goods but does not directly define supply. Finally, the total market value, referred to in choice D, can relate to the overall worth of goods in the market but does not specify the amount of goods available at a given price. Thus, the choice that most accurately captures the essence of supply is the quantity of goods at a set price.