Which term describes the seller's ability and desire to sell goods and services?

• A. Demand
• B. Supply
• C. Scarcity
• D. Equilibrium

Answer: (B)

Verified step by step guidance

1. Understand the key terms involved: Demand, Supply, Scarcity, and Equilibrium, as they are fundamental concepts in microeconomics.
2. Recall that Demand refers to the buyer's willingness and ability to purchase goods and services at various prices.
3. Recognize that Supply describes the seller's ability and desire to offer goods and services for sale at different prices.
4. Note that Scarcity refers to the limited nature of resources, which affects both supply and demand but is not directly about the seller's willingness to sell.
5. Understand that Equilibrium is the point where quantity demanded equals quantity supplied, not a description of seller behavior.