Economics Quiz: Supply

What is the definition of supply?

• The quantity of a commodity offered for sale at a given price at a given time

• The quantity of a commodity demanded by buyers

• The quantity of a commodity that a seller is willing to buy at a given price

• The total quantity of a commodity available with a seller at a particular point of time

What is the difference between stock and supply?

• Stock is the quantity of a commodity demanded by buyers, while supply is the quantity of a commodity offered for sale at a given price at a given time

• Stock is the total quantity of a commodity available with a seller at a particular point of time, while supply is the quantity of a commodity offered for sale at a given price at a given time

• Stock is the quantity of a commodity that a seller is willing to buy at a given price, while supply is the total quantity of a commodity available with a seller at a particular point of time

• Stock is the quantity of a commodity offered for sale at a given price at a given time, while supply is the total quantity of a commodity available with a seller at a particular point of time

What is the law of supply?

• When the price of a commodity increases, the quantity supplied decreases

• When the price of a commodity decreases, the quantity supplied increases

• When the price of a commodity increases, the quantity supplied also increases

• When the price of a commodity decreases, the quantity supplied also decreases

What is the supply curve?

• A curve showing the relationship between demand and quantity supplied

• A curve showing the relationship between price and quantity supplied

• A curve showing the relationship between price and demand

• A curve showing the relationship between supply and demand

Why does the supply curve slope upwards?

• Because a rise in price of the commodity causes a rise in profits

• Because a fall in price of the commodity causes an increase in profits

• Because a rise in price of the commodity causes a decrease in profits

• Because a fall in price of the commodity causes a decrease in profits

What is the market supply of a commodity?

• The total quantity of a commodity demanded by buyers in the market

• The total quantity of a commodity produced by all the firms in the market

• The total quantity of a commodity available with all the sellers in the market

• The total quantity of a commodity offered for sale by all the sellers in the market

What factors influence the market supply of a commodity?

• Price of the commodity and number of sellers

• Number of buyers and expected future price

• Price of the commodity and expected future price

• Number of sellers and price of the commodity

What is the individual supply schedule?

• A schedule showing the quantities of a commodity offered for sale by an individual firm at different prices

• A schedule showing the quantities of a commodity demanded by individual buyers at different prices

• A schedule showing the quantities of a commodity produced by an individual firm at different prices

• A schedule showing the quantities of a commodity available with an individual seller at different prices

What is the market supply schedule of a commodity?

• A schedule showing the total quantity of a commodity produced by all the firms in the market at different prices

• A schedule showing the total quantity of a commodity offered for sale by all the sellers in the market at different prices

• A schedule showing the total quantity of a commodity available with all the sellers in the market at different prices

• A schedule showing the total quantity of a commodity demanded by buyers in the market at different prices

What is the expected effect on the market supply of a commodity if the number of firms supplying the commodity increases?

• The market supply will fluctuate

• The market supply will decrease

• The market supply will remain unchanged

• The market supply will increase