5 Questions
What happens to the quantity of a good or service that producers are willing to supply as the price of the good or service increases?
It generally increases, assuming other factors remain constant.
How do production costs affect the quantity that producers are willing to supply?
Increased production costs may lead to producers supplying less at a given price.
What effect can advances in technology have on production and supply?
Advances in technology can lead to increased efficiency in production, reducing costs and potentially increasing the quantity supplied.
What is the term used for factors that influence the quantity of a good or service that producers are willing and able to offer for sale?
Determinants of supply
What relationship is expressed by the law of supply?
As the price of a good or service increases, producers are generally willing to supply more of it, assuming other factors remain constant.
Test your knowledge of the determinants of supply with this quiz. Explore factors that influence the quantity of goods or services producers are willing to offer for sale, including the impact of price changes. See how well you understand the law of supply and its key determinants.
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