The total amount of a product available in a market at a given price is called the:

• A. market demand
• B. market supply
• C. equilibrium quantity
• D. quantity demanded

Answer: (B)

Verified step by step guidance

1. Understand the key terms involved: 'market demand' refers to the total quantity of a product that consumers are willing and able to purchase at various prices, while 'market supply' refers to the total quantity of a product that producers are willing and able to sell at various prices.
2. Recognize that the problem asks for the term describing the total amount of a product available in the market at a given price, which relates to the producers' side of the market.
3. Recall that 'quantity demanded' is the amount consumers want to buy at a specific price, and 'equilibrium quantity' is the quantity where market demand equals market supply.
4. Since the question focuses on the total amount available (offered) by producers at a given price, identify that this corresponds to 'market supply'.
5. Conclude that the correct term for the total amount of a product available in the market at a given price is 'market supply'.