Froggy Jumps: Supply Factors Quiz


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.

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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Supply Factors Quiz

Froggy Jumps

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Supply Factors QuizOnline version

by sarah ayyad

What is the definition of supply in economics?

What is the law of supply?

What is one factor that can cause a shift in the supply curve?

What is another factor that can cause a shift in the supply curve?

What is the difference between a change in quantity supplied and a change in supply?

What is the relationship between price and quantity supplied?

What is the concept of elasticity of supply?

What is the concept of market equilibrium?

What happens to the supply curve when there is an increase in supply?

What happens to the supply curve when there is a decrease in supply?