Supply

What is total output defined as?

• The total quantity of inputs used

• The sum total of the quantity of the commodity produced

• The total revenue generated from sales

• The total number of workers employed

What does stock refer to?

• The total quantity of goods produced

• The total quantity of commodity available for sale

• The total revenue from sales

• The total number of consumers

How is supply expressed?

• In relation to profit and loss

• In relation to time, price, and quantity

• In relation to stock and consumption

• In relation to demand and production

According to Paul Samuelson, what does supply refer to?

• The relationship between market prices and quantity supplied

• The total cost of production

• The total stock available for sale

• The total output of a commodity

What is an individual supply schedule?

• A list of all producers in the market

• A summary of consumer demand

• A graphical representation of supply

• A tabular representation of quantities offered for sale

Which factor does NOT influence supply?

• State of technology

• Cost of production

• Price of the commodity

• Consumer preferences

What happens to supply when the price of inputs increases?

• Supply remains unchanged

• Supply decreases

• Supply becomes elastic

• Supply increases

What does the law of supply state?

• Supply is independent of price

• Higher prices lead to lower supply

• Supply decreases with demand

• Higher prices lead to higher supply

What is a backward bending supply curve of labor?

• A curve that slopes downward

• A curve that remains constant

• A curve that slopes upward

• A curve that initially rises and then falls

Which of the following is an example of a perishable good?

• Antique goods

• Garments

• Fish

• Furniture