Supply and Laws of Supply Quiz

Supply refers to the amount of a good or service a consumer is willing to purchase at each price.

Supply refers to the amount of a good or service a producer is willing to supply at each price. (correct)

Supply refers to the amount of a good or service a producer is willing to purchase at each price.

Supply refers to the amount of a good or service a consumer is willing to supply at each price.

As the price increases, the quantity supplied decreases.

As the price decreases, the quantity supplied also decreases.

As the price decreases, the quantity supplied increases.

As the price increases, the quantity supplied also increases. (correct)

A supply schedule shows how much of a product consumers will supply at different prices.

A supply schedule shows how much of a product consumers will purchase at different prices.

A supply schedule shows how much of a product firms will purchase at different prices.

A supply schedule shows how much of a product firms will supply at different prices. (correct)

<p>A supply curve illustrates how much of a product a firm will supply at different prices.</p> Signup and view all the answers

<p>Input prices, number of sellers, expectations, and prices of related products.</p> Signup and view all the answers