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 12
Define supply in economics.
Explain the concept of joint supply with an example.
Explain the effect of an increase in the number of sellers on the market supply.
Explain the effect of expected future prices on current supply.
If the price of a good falls from Rs. 20 to Rs. 15 and the quantity supplied falls from 200 units to 150 units, calculate the price elasticity of supply.
If the price of cotton rises, what is likely to happen to the supply of jute, assuming they are competitive crops? (1) Increase, (2) Decrease, (3) Remain unchanged, (4) Cannot be determined
Suppose the government announces a minimum support price (MSP) for wheat above the equilibrium price. What is likely to happen to the supply of wheat?
Suppose the price of wheat increases. What is likely to happen to the supply of wheat, assuming other factors remain constant?
A rightward shift in the supply curve indicates: (1) Increase in supply, (2) Decrease in supply, (3) No change in supply, (4) Increase in demand
If the price of a substitute in production increases, what is likely to happen to the supply of the original good? (1) Increase, (2) Decrease, (3) Remain unchanged, (4) Cannot be determined
If the price of cotton rises, what is likely to happen to the supply of jute, assuming they are competitive crops? (1) Increase, (2) Decrease, (3) Remain unchanged, (4) Cannot be determined
If the supply curve is a straight line parallel to the Y-axis, the price elasticity of supply is: (1) Zero, (2) Infinite, (3) One, (4) Less than one
Fill in the blank: The graphical representation of the law of supply is called the ______ curve.
Fill in the blank: The law of supply operates under the assumption of ______ factors remaining constant.
Fill in the blank: The minimum price at which a producer is willing to sell a good is called ______ price.
Fill in the blank: The supply curve of a perishable good is generally more ______ than that of a durable good.
State whether the following statement is true or false: 'Supply can exist even if there is no demand.'
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 independent of the price of the good.'
True or False: An increase in the price of inputs will increase the supply of a good.
