How well do you know The Law Of Supply?
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How is supply defined?
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The willingness and ability of the government to offer protections to citizens
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The willingness and ability of consumers to purchase goods and services
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The willingness and ability of laborers to work for producers for pay
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The willingness and ability of producers to offer goods and services for sale
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Do you understand the law of supply well? With this law of supply quiz, you can see how updated your knowledge is. The law of supply is about the fundamental principle of economic theory. It states there is a direct relationship between price and quantity. If you know all this and more about supply and its law, you can easily ace this quiz. You must give this quiz a try to test as well as enhance your knowledge. All the best!
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Supply means a seller is _____________ and _____________ to sell a good.
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Willing and happy
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Willing and hopeful
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Willing and satisfied
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Willing and able
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- 3.
What is the sum of fixed and variable costs?
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Total costs
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Fixed costs
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Variable costs
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Marginal costs
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- 4.
Production costs that do not change as the level of output changes
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Marginal costs
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Variable costs
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Fixed costs
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Total costs
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- 5.
What does the 'Law of Supply' state?
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As prices decrease, supply increases.
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As price increases, quantity demanded decreases.
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As price increases, supply increases.
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As price decreases, quantity demanded decreases.
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- 6.
What does the vertical axis shows on the market demand and supply graph?
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Prices
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Quantity
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Demand
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Equilibrium
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- 7.
This determinant of supply includes both labors as well as raw material. Which of the following statements is true: when the price of it decreases, the supply increases .
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Prices of Resources
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Government Tools
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Competition
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Technology
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- 8.
When supply goes down, what happens to a supply curve?
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Moves right
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Moves left
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Moves up
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Moves down
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- 9.
Which of the following can cause an increase in supply?
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Fewer sellers in the marketplace
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A decrease in the cost of inputs
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A decrease in productivity
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An increase in taxes
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- 10.
With an increase in government regulation, the supply curve can
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Shift to the right
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Increase
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Decrease
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Shift to the left
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Quiz Review Timeline (Updated): Nov 16, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Nov 16, 2023Quiz Edited by
ProProfs Editorial Team -
Nov 10, 2022Quiz Created by
Sophia Smith
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