Supply and Its Determinants
Economics ⇒ Consumer and Producer Behaviour
Supply and Its Determinants starts at 11 and continues till grade 12.
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Define supply in economics.
Describe the effect of an increase in the price of raw materials on the supply of finished goods.
Describe the effect of government-imposed price floors on supply.
Describe the impact of natural calamities on the supply of agricultural products.
Explain the concept of supply schedule.
Explain the difference between individual supply and market supply.
A firm supplies 100 units of a product at ₹20 per unit. If the price rises to ₹25 and the firm now supplies 120 units, what is the change in quantity supplied?
A government subsidy of ₹2 per unit is given to producers. If the original supply function is S = 20 + 4P, what is the new supply function?
Which of the following is a movement along the supply curve? (1) Change in input prices, (2) Change in technology, (3) Change in price of the good, (4) Change in government policy
Which of the following is an example of a factor that causes a shift in the supply curve? (1) Change in price of the good, (2) Change in technology, (3) Change in quantity demanded, (4) Change in consumer preferences
Which of the following is an example of a supply determinant that is not under the control of the producer? (1) Technology, (2) Weather, (3) Input prices, (4) Taxes
Which of the following is likely to decrease the supply of a commodity? (1) Decrease in input prices, (2) Increase in number of sellers, (3) Increase in taxes, (4) Improvement in technology
Fill in the blank: The graphical representation of the supply schedule is called the _______.
Fill in the blank: The minimum price at which a producer is willing to supply a good is called the _______ price.
Fill in the blank: The supply curve generally slopes _______ from left to right.
Fill in the blank: The supply of a good is said to be _______ if the quantity supplied changes by a larger percentage than the change in price.
State whether the following statement is true or false: A decrease in the price of inputs will increase the supply of the good.
State whether the following statement is true or false: Supply is a flow concept.
State whether the following statement is true or false: Supply is always perfectly elastic.
True or False: A leftward shift in the supply curve indicates an increase in supply.
