14 Questions
What is the difference between production and supply?
Production refers to the quantity offered for sale, while supply refers to the quantity willing to be supplied.
Which factor has a direct relationship with supply according to the text?
Price of factor of production
What does the law of supply refer to?
The change in quantity supplied due to change in price, keeping other factors constant
What is the supply function?
A functional relationship between quantity supplied and factors influencing supply
Which factor does not influence market supply according to the text?
Demand for the product
What does a direct relationship between price and quantity supplied mean?
As price increases, quantity supplied increases
What is the difference between production and supply?
Production refers to the quantity offered for sale, while supply refers to the quantity willing to be offered for sale.
What does the law of supply refer to?
The relationship between price and quantity supplied when all other factors remain constant.
Which of the following is a determinant of supply according to the text?
Number of firms
What is a factor affecting market supply according to the text?
Natural calamities
What is the supply function?
A functional relationship between quantity supplied and factors influencing supply.
Which factor has a direct relationship with supply according to the text?
Price of factor of production
Which factor does not influence market supply according to the text?
Number of firms
What does the law of supply state?
There is a direct relationship between price and quantity supplied when all other factors remain constant.
Test your knowledge about the concepts of supply and production, including the determinants of supply. Understand the difference between production and supply, and factors that affect the quantity offered for sale.
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