When a producer is able and willing to produce a product at current price levels this is called Supply Inelastic Elastic Demand

## Step 1<br />The problem is asking us to identify the term that describes the situation where a producer is able and willing to produce a product at current price levels. This is a concept in economics known as "Supply".<br /><br />## Step 2<br />The terms "Inelastic" and "Elastic" are related to the concept of price elasticity of demand, which measures the responsiveness of the quantity demanded of a good to a change in its price. These terms do not describe the producer's willingness or ability to produce a product at current price levels.<br /><br />## Step 3<br />The term "Demand" refers to the consumer's desire and willingness to pay a price for a specific good or service. This term does not describe the producer's willingness or ability to produce a product at current price levels.