WorksheetsTheory of Supply
Total questions: 10
Worksheet time: 5mins
The supply of a commodity comes from the
Consumer
Producer
The total quantity that can be brought into the market at a point of time is
Stock
Supply
The time period needed to make changes according to the market requirement is
Long period
Short period
Market period
This table shows the various quantities offered for sale or supplied at different prices
Supply function
Supply schedule
Supply curve
The graphical representation of a supply schedule is a
Supply function
Supply curve
Law of Supply indicated that price of the commodity and quantity supplied move in the
Same direction
Opposite direction
These goods are exceptions to the Law of Supply
Agricultural goods
FMCG goods
The Supply curve slopes from left to right
Upwards
Downwards
Use of improved and advanced technology will help the supply of the commodity to
Increase
Decrease
If the goal of the firm is to maximise profit, quantity supplied at a high price will be
More
Less
