Theory of Supply

The supply of a commodity comes from the

• Consumer

• Producer

The total quantity that can be brought into the market at a point of time is

• Stock

• Supply

The time period needed to make changes according to the market requirement is

• Long period

• Short period

• Market period

This table shows the various quantities offered for sale or supplied at different prices

• Supply function

• Supply schedule

• Supply curve

The graphical representation of a supply schedule is a

• Supply function

• Supply curve

Law of Supply indicated that price of the commodity and quantity supplied move in the

• Same direction

• Opposite direction

These goods are exceptions to the Law of Supply

• Agricultural goods

• FMCG goods

The Supply curve slopes from left to right

• Upwards

• Downwards

Use of improved and advanced technology will help the supply of the commodity to

• Increase

• Decrease

If the goal of the firm is to maximise profit, quantity supplied at a high price will be

• More

• Less