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Questions and Answers
Which of the following is true about supply?
Which of the following is true about supply?
- 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.
What is the relationship between price and quantity supplied according to the law of supply?
What is the relationship between price and quantity supplied according to the law of supply?
- 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)
What does a supply schedule show?
What does a supply schedule show?
- 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)
What does a supply curve illustrate?
What does a supply curve illustrate?
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What are the determinants of supply?
What are the determinants of supply?
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