Supply Curve Quiz

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Questions and Answers

What does the supply curve represent?

The relationship between product quality and consumer preferences
The relationship between product price and quantity of product supplied (correct)
The relationship between production cost and product price
The relationship between product price and demand for the product

How is supply defined?

The amount of a product that consumers are willing to buy at various given prices
The amount of a product per unit of time that producers are willing to sell at various given prices (correct)
The amount of a product that producers are willing to buy at various given prices
The amount of a product that is available in the market

What does the law of supply state?

As the price of a good or service increases, the quantity of goods or services that suppliers offer will increase (correct)
As the price of a good or service increases, the quantity of goods or services that suppliers offer will decrease
As the price of a good or service decreases, the quantity of goods or services that suppliers offer will increase
As the price of a good or service decreases, the quantity of goods or services that suppliers offer will decrease

In the labor market, what does the supply of labor represent?

<p>The amount of time per week, month, or year that individuals are willing to spend working, as a function of the wage rate (A)</p> Signup and view all the answers