Y10 Economics - C8 Supply

What does supply refer to?

• The willingness and ability of firms to provide goods

• The total demand for goods in the market

• The amount of goods available for sale

• The price at which goods are sold

What is the law of supply?

• Supply decreases as demand increases

• Supply is always constant regardless of price

• There is a negative relationship between price and quantity supplied

• There is a positive relationship between price and quantity supplied

Which of the following is NOT a determinant of supply?

• Consumer preferences

• Weather

• Time

• Taxes

What happens to supply when production costs increase due to taxes?

• Supply increases

• Supply decreases

• Supply becomes unlimited

• Supply remains unchanged

What does an upward sloping supply curve indicate?

• A negative relationship between price and quantity supplied

• A positive relationship between price and quantity supplied

• No relationship between price and quantity supplied

• A constant supply regardless of price

What is meant by 'movement along the supply curve'?

• An increase in production capacity

• A shift in the entire supply curve

• A change in quantity supplied due to price changes

• A change in supply due to non-price factors

What is market supply?

• The total supply from one firm

• The sum of all supply at each price level for a product

• The supply of goods in a specific region

• The supply of goods during a specific time period

What causes a rightward shift in the supply curve?

• A decrease in demand

• A natural disaster

• An increase in taxes

• A decrease in production costs

What is an example of a non-price factor that can shift the supply curve?

• Change in consumer income

• Change in the price of the product

• Natural disaster

• Change in advertising

What does a contraction in supply refer to?

• An increase in production capacity

• A shift in the supply curve to the right

• A decrease in quantity supplied due to price fall

• An increase in quantity supplied due to price rise