Supply and Its Determinants
Economics ⇒ Markets and Price Determination
Supply and Its Determinants starts at 11 and continues till grade 12.
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See sample questions for grade 11
Define supply in economics.
Describe the effect of an improvement in technology on the supply of a good.
Explain how expectations of future prices can affect current supply.
Explain the concept of supply schedule.
If the government imposes a price floor above the equilibrium price, what will happen to supply?
Suppose the supply function is given as S = 10 + 2P, where S is quantity supplied and P is price. What is the quantity supplied when P = 5?
Suppose the supply function is S = 5P - 10. If the price increases from Rs. 4 to Rs. 6, by how much does the quantity supplied increase?
Suppose the supply schedule for a good is as follows: At Rs. 10, supply is 100 units; at Rs. 20, supply is 200 units. What is the slope of the supply curve?
If the government imposes a subsidy on the production of a good, what will happen to its supply? (1) Increase, (2) Decrease, (3) Remain unchanged, (4) Cannot be determined
If the price of a substitute in production increases, what happens to the supply of the original good? (1) Increases, (2) Decreases, (3) Remains unchanged, (4) Cannot be determined
If the price of raw materials increases, what is likely to happen to the supply of the final product? (1) Increase, (2) Decrease, (3) Remain unchanged, (4) Cannot be determined
The supply of a good is said to be perfectly inelastic when: (1) Supply changes with price, (2) Supply does not change with price, (3) Supply increases more than price, (4) Supply decreases as price increases
Fill in the blank: If the supply of a good is perfectly elastic, the supply curve is _______.
Fill in the blank: The graphical representation of the supply schedule is called the _______.
Fill in the blank: The law of supply assumes that all other factors affecting supply are held _______.
Fill in the blank: The minimum price at which a producer is willing to supply a good is called _______.
State whether the following statement is true or false: Supply is always equal to demand.
True or False: A decrease in excise duty on a product will increase its supply.
True or False: An increase in the price of a good will generally lead to an increase in its supply.
True or False: Supply can be negative.
