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Business Startup Motives and Profit Definition

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Business Startup Motives and Profit Definition

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Questions and Answers

What is the motive of suppliers according to the text?

To maintain a balance between cost and profit

To maximize profit by selling goods at a high price (correct)

To minimize cost by producing goods at a low price

To increase production without considering cost or profit

What does the supply curve slope upward due to, as per the text?

Profit and quantity supplied

Costs and quantity supplied

Sellers' willingness and ability

Costs and profit (correct)

What is meant by 'supply' according to the text?

The difference between the cost to produce a good or service and the amount it is sold for

The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices (correct)

A relation between the price of a good or service and the quantity of the good or service a supplier is willing to sell at that price

The number of units of a good produced and offered for sale at a specific price

What does the law of supply state, according to the text?

Price and quantity supplied are positively related Signup and view all the answers

What creates an incentive to increase the quantity supplied, based on the text?

Increase in price of the good or service Signup and view all the answers

What is the quantity supplied of a good?

The amount of the good that sellers are willing and able to sell Signup and view all the answers

According to the law of supply, what happens when the price of a good rises?

The quantity supplied of the good rises Signup and view all the answers

What factor can cause a shift in the supply curve?

Change in technology Signup and view all the answers

What would encourage production according to the text?

Government subsidies Signup and view all the answers

How do expectations about future prices affect the supply curve?

Expecting higher future prices shifts the supply curve to the left Signup and view all the answers