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.
Explain the concept of 'contraction of supply'.
Explain the difference between a shift in supply and a movement along the supply curve.
Explain the difference between individual supply and market supply.
Explain the effect of an increase in excise duty on the supply of a commodity.
A firm can produce 100 units of a good at Rs. 10 per unit and 150 units at Rs. 15 per unit. Calculate the elasticity of supply.
If the government announces a subsidy on fertilizers, what will be the likely effect on the supply of agricultural products?
If the price of a good increases from Rs. 20 to Rs. 30 and the quantity supplied increases from 200 units to 300 units, calculate the price elasticity of supply.
If the supply of a good is perfectly inelastic, what will its supply curve look like? (1) Horizontal, (2) Vertical, (3) Upward sloping, (4) Downward sloping
Which of the following best describes the law of supply? (1) Direct relationship between price and quantity supplied, (2) Inverse relationship between price and quantity supplied, (3) No relationship, (4) None of the above
Which of the following is a determinant of supply but not of demand? (1) Price of the good, (2) Price of related goods, (3) Technology, (4) Consumer income
Which of the following is a movement along the supply curve? (1) Change in technology, (2) Change in price of the good, (3) Change in input prices, (4) Change in government policy
A supply schedule shows the relationship between _______ and _______.
Fill in the blank: The elasticity of supply measures the responsiveness of quantity supplied to a change in _______.
Fill in the blank: The graphical representation of the law of supply is called the _______.
Fill in the blank: The minimum price at which a producer is willing to supply a good is called the _______ price.
State whether the following is true or false: A decrease in the price of a good will shift the supply curve to the left.
State whether the following is true or false: A decrease in the price of inputs will increase supply.
State whether the following is true or false: The supply of a good is always positive.
State whether the following is true or false: The supply of perishable goods is more elastic than that of durable goods.
