Froggy Jumps Supply Factors QuizOnline version Test your knowledge on the factors that affect supply in economics. by sarah ayyad 1 What is the definition of supply in economics? a The quantity of a good or service that consumers are willing and able to buy at a given price. b The quantity of a good or service that producers are willing and able to sell at a given price. c The quantity of a good or service that is available in the market. 2 What is the law of supply? a As the price of a good or service increases, the quantity supplied by producers also increases. b As the price of a good or service increases, the quantity demanded by consumers decreases. c As the price of a good or service decreases, the quantity supplied by producers also decreases. 3 What is one factor that can cause a shift in the supply curve? a Changes in consumer tastes and preferences. b Changes in production costs. c Changes in consumer income. 4 What is another factor that can cause a shift in the supply curve? a Changes in population size. b Changes in technology. c Changes in government regulations. 5 What is the difference between a change in quantity supplied and a change in supply? a A change in quantity supplied is caused by a change in price, while a change in supply is caused by b There is no difference between a change in quantity supplied and a change in supply. c A change in quantity supplied is caused by factors other than price, while a change in supply is cau 6 What is the relationship between price and quantity supplied? a There is no relationship between price and quantity supplied. b There is a positive relationship between price and quantity supplied. c There is a negative relationship between price and quantity supplied. 7 What is the concept of elasticity of supply? a It measures the responsiveness of quantity demanded to changes in price. b It measures the responsiveness of supply to changes in consumer income. c It measures the responsiveness of quantity supplied to changes in price. 8 What is the concept of market equilibrium? a It is the point where the quantity demanded exceeds the quantity supplied. b It is the point where the quantity supplied exceeds the quantity demanded. c It is the point where the quantity demanded equals the quantity supplied. 9 What happens to the supply curve when there is an increase in supply? a The supply curve shifts to the left. b The supply curve shifts to the right. c There is no change in the supply curve. 10 What happens to the supply curve when there is a decrease in supply? a The supply curve shifts to the right. b There is no change in the supply curve. c The supply curve shifts to the left.
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