Demand and Supply Economics Quiz
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Questions and Answers

What happens if a business's costs rise, such as raw materials and wages?

  • Less can be supplied at the same price (correct)
  • The equilibrium price will decrease
  • The supply curve will shift to the left
  • More can be supplied at the same price
  • How can good or bad weather affect supply?

  • Always decreases supply
  • Increases supply for certain products and decreases for others (correct)
  • Always increases supply
  • Has no effect on supply
  • What impact does the introduction of new technology have on supply?

  • Decreases supply due to increased costs
  • Increases demand for the product
  • Speeds up production and increases supply (correct)
  • Shifts the demand curve to the left
  • How does legislation, like a sugar tax, affect business costs and supply?

    <p>Increases business costs and decreases supply</p> Signup and view all the answers

    If a business buys a new machine that speeds up production, what happens to the supply curve?

    <p>Shifts to the right</p> Signup and view all the answers

    What occurs when supply shifts to the right?

    <p>Equilibrium price increases</p> Signup and view all the answers

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