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Supply
Quiz by Kenneth P. Lester
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6 questions
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- Q1The Law of Supply states that producers will make more of a product available atHigher pricesequilibriuma. Lower prices30s
- Q2Which of the following is not a determinant of Supply?a. Technologyc. Change in the cost of inputsb. Govt. Subsidies and taxes.Shareholder demands.30s
- Q33. The relationship between Demand and Supply isb. Reversed. Equilibrium.a. Conversec. Inverse or opposite30s
- Q4A supply curve runs...a. From (bottom) left to (top) rightThrough the center of the graphd. It varies with the graphb. From (bottom) right to (top) left30s
- Q55. The Theory of Production deals with the factors of production and;d. Cost-benefit analysisa. How hard people work.c. The output of goods and servicesb. The cost of ineffective management.30s
- Q6In the three stages of Production represented on the Production Function, which stage illustrates the highest marginal production (the most gains in productivity with each additional worker hired)?c. Stage Ia. Stage IIIb. Stage IId. Varies30s