Quiz on the Law of Supply

According to the Law of Supply, what happens when the price of a good increases?

• Producers supply less of the product

• Producers supply more of the product

• Consumers buy more of the product

• The demand for the product decreases

What do individual sellers base their decisions on according to the Law of Supply?

• The cost of production

• The demand for the product

• The price set by competitors

• The availability of resources

What is the quantity supplied when the price is $2 according to the supply schedule for burritos?

• 5

• 30

• 55

• 100

What happens to supply when the price decreases according to the Law of Supply?

• Supply increases

• Supply decreases

• Supply remains constant

• Supply becomes unpredictable

What is the quantity supplied when the price is $6 according to the supply schedule for burritos?

• 70

• 180

• 225

• 275

What is the relationship between price and quantity supplied according to the Law of Supply?

• Inverse relationship

• Direct relationship

• No relationship

• Random relationship

What is the quantity supplied when the price is $3 according to the supply schedule for burritos?

• 10

• 55

• 70

• 90

What is the main factor that influences the quantity of a product offered by producers?

• Consumer preferences

• Market trends

• Price of the product

• Government regulations

What limits the amount producers can supply according to the law of supply?

• Increasing demand

• Diminishing marginal returns

• Government regulations

• Consumer preferences

What is the main concept discussed in the provided material?

• Increasing production costs

• Diminishing marginal returns

• Consumer demand

• Government regulations