Podcast
Questions and Answers
What is the difference between production and supply?
What is the difference between production and supply?
- Production refers to the determinants of supply, while supply refers to the quantity produced.
- Production refers to the quantity offered for sale, while supply refers to the quantity willing to be supplied. (correct)
- Production refers to the factors influencing supply, while supply refers to the price of related goods.
- Production refers to the quantity willing to be supplied, while supply refers to the quantity offered for sale.
Which factor has a direct relationship with supply according to the text?
Which factor has a direct relationship with supply according to the text?
- Price of related goods
- Government policy
- Price of factor of production (correct)
- Price of the product
What does the law of supply refer to?
What does the law of supply refer to?
- The change in quantity demanded due to change in price
- The change in quantity supplied due to change in demand
- The change in price due to change in quantity demanded
- The change in quantity supplied due to change in price, keeping other factors constant (correct)
What is the supply function?
What is the supply function?
Which factor does not influence market supply according to the text?
Which factor does not influence market supply according to the text?
What does a direct relationship between price and quantity supplied mean?
What does a direct relationship between price and quantity supplied mean?
What is the difference between production and supply?
What is the difference between production and supply?
What does the law of supply refer to?
What does the law of supply refer to?
Which of the following is a determinant of supply according to the text?
Which of the following is a determinant of supply according to the text?
What is a factor affecting market supply according to the text?
What is a factor affecting market supply according to the text?
What is the supply function?
What is the supply function?
Which factor has a direct relationship with supply according to the text?
Which factor has a direct relationship with supply according to the text?
Which factor does not influence market supply according to the text?
Which factor does not influence market supply according to the text?
What does the law of supply state?
What does the law of supply state?
