What term refers to the total amount of a product offered for sale at all prevailing market prices?

The term that refers to the total amount of a product offered for sale at all prevailing market prices is supply. In economic terms, supply encompasses the various quantities of a good or service that producers are willing and able to sell at different price points. This concept is crucial for understanding market dynamics because it illustrates how producers respond to changes in market prices.

As prices increase, typically, suppliers are motivated to produce and offer more of their product for sale, reflecting the direct relationship between price and quantity supplied. Conversely, if prices fall, suppliers might reduce the amount they are willing to sell, as lower prices may not cover their production costs or desired profit. Understanding supply helps to analyze how it interacts with demand in determining market equilibrium, where the quantity offered equals the quantity consumers are willing to purchase.