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B2. The Supply Curve

B2. The Supply Curve

Assessment

Interactive Video

Business

11th Grade

Practice Problem

Hard

Created by

Ed Lindekugel

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the supply curve represent?

The relationship between price and the quantity demanded.

The relationship between price and the quantity supplied.

The total cost of producing goods.

The demand for goods at a fixed price.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of oil increases, what happens to the quantity supplied?

It decreases.

It remains constant.

It increases.

It fluctuates randomly.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does the supply curve slope upward?

Because suppliers prefer to produce less at higher prices.

Because higher prices make it profitable to exploit costlier sources of goods.

Because suppliers can produce goods at lower costs as prices rise.

Because demand decreases as prices increase.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when oil prices are low?

The supply curve becomes flat.

All suppliers can turn a profit.

Only suppliers with low extraction costs can turn a profit.

Suppliers with high extraction costs dominate the market.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What topic will be covered in the next video?

Cost of oil extraction.

Demand curve analysis.

Equilibrium in the market.

Profitability of suppliers.

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