10 Questions
Lower costs decrease production due to increased expenses.
False
New technology increases production costs for farmers.
False
Taxes are payments that lower production expenses and increase supply.
False
Worker happiness does not impact productivity or the quantity of products available for sale.
False
Competition decreases supply in the home entertainment industry.
False
The law of supply states that as prices rise, the quantity supplied decreases, and vice versa.
False
A supply schedule demonstrates the law of demand with a chart showing the quantity of a good offered at different market prices.
False
Supply elasticity gauges how price adjustments impact the demand quantity.
False
Elastic supply means that price changes have minimal impact on the quantity supplied.
False
Understanding supply elasticity is crucial in analyzing market dynamics but not useful for making informed business decisions.
False
Test your knowledge on the law of supply in economics, which states that as prices rise, the quantity supplied increases. Understand how supply is affected by sellers' ability and willingness to make products available for sale across different industries like agriculture.
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