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Theory of Supply

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

The supply of a commodity comes from the

a)

Consumer

b)

Producer

2.

The total quantity that can be brought into the market at a point of time is

a)

Stock

b)

Supply

3.

The time period needed to make changes according to the market requirement is

a)

Long period

b)

Short period

c)

Market period

4.

This table shows the various quantities offered for sale or supplied at different prices

a)

Supply function

b)

Supply schedule

c)

Supply curve

5.

The graphical representation of a supply schedule is a

a)

Supply function

b)

Supply curve

6.

Law of Supply indicated that price of the commodity and quantity supplied move in the

a)

Same direction

b)

Opposite direction

7.

These goods are exceptions to the Law of Supply

a)

Agricultural goods

b)

FMCG goods

8.

The Supply curve slopes from left to right

a)

Upwards

b)

Downwards

9.

Use of improved and advanced technology will help the supply of the commodity to

a)

Increase

b)

Decrease

10.

If the goal of the firm is to maximise profit, quantity supplied at a high price will be

a)

More

b)

Less