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Supply and elasticity of supply

Quiz by Cassendra gopinath

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35 questions
Show answers
  • Q1
    Which of the following is NOT a factor that affects the elasticity of supply?
    Price of raw materials
    Time to adjust production
    Price of substitute goods
    Availability of resources
    30s
  • Q2
    Which of the following is a characteristic of a highly elastic supply?
    Small change in price leads to a large change in quantity supplied
    Price has no effect on quantity supplied
    Large change in price leads to a small change in quantity supplied
    Quantity supplied remains constant regardless of price changes
    30s
  • Q3
    What is the law of supply?
    As price increases, quantity supplied increases, and vice versa
    As price increases, quantity demanded increases, and vice versa
    As price increases, quantity supplied remains constant, and vice versa
    As price increases, quantity supplied decreases, and vice versa
    30s
  • Q4
    What is the difference between supply and quantity supplied?
    Supply refers to the entire range of quantities of a product that producers are willing and able to offer at different prices, while quantity supplied refers to the specific amount of a product that producers are willing and able to offer at a particular price
    Supply refers to the entire range of quantities of a product that consumers are willing and able to purchase at different prices, while quantity supplied refers to the specific amount of a product that consumers are willing and able to purchase at a particular price
    Supply refers to the specific amount of a product that producers are willing and able to offer at a particular price, while quantity supplied refers to the entire range of quantities of a product that producers are willing and able to offer at different prices
    Supply and quantity supplied are the same thing
    Supply and quantity supplied both refer to the specific amount of a product that producers offer at different prices
    30s
  • Q5
    What does the term 'elasticity of supply' measure?
    Responsiveness of quantity demanded to changes in price
    The slope of the supply curve
    Responsiveness of quantity supplied to changes in price
    The availability of resources for production
    The total quantity of a good or service supplied at a specific price
    30s
  • Q6
    Which of the following is a determinant of supply?
    Market demand
    Price of substitute goods
    Government regulations
    Technology advancements
    Consumer income
    30s
  • Q7
    What is the concept of supply?
    The demand for goods or services by consumers
    The price at which goods or services are offered in the market
    The quantity of goods or services that consumers are willing and able to purchase at different prices during a specific period of time
    The quantity of goods or services that producers are willing and able to offer at different prices during a specific period of time
    The total quantity of goods or services available in the market
    30s
  • Q8
    What is the difference between elastic and inelastic supply?
    Elastic supply is when producers are highly responsive to changes in price, while inelastic supply is when producers are not responsive to price changes
    Elastic supply is when a change in price has a relatively small impact on the quantity supplied, while inelastic supply is when a small change in price leads to a large change in quantity supplied
    Elastic supply is when the quantity supplied remains constant regardless of price changes, while inelastic supply is when the quantity supplied fluctuates significantly with price changes
    Elastic supply is when price has no effect on quantity supplied, while inelastic supply is when price greatly influences the quantity supplied
    Elastic supply is when a small change in price leads to a large change in quantity supplied, while inelastic supply is when a change in price has a relatively small impact on the quantity supplied
    30s
  • Q9
    What is the concept of elasticity of supply?
    The relationship between supply and demand
    The availability of resources for production
    The slope of the supply curve
    The responsiveness of quantity supplied to changes in price
    The responsiveness of quantity demanded to changes in price
    30s
  • Q10
    Which of the following is NOT a factor that affects the supply of a product?
    Consumer preferences
    Production costs
    Government regulations
    Availability of resources
    Technological advancements
    30s
  • Q11
    What does the term 'supply' refer to in economics?
    The quantity of a product or service that consumers are willing to purchase, regardless of price
    The quantity of a product or service that businesses are willing to provide, regardless of price
    The quantity of a product or service that businesses are willing and able to provide at a given price level
    The quantity of a product or service that consumers are willing and able to purchase at a given price level
    The quantity of a product or service that businesses are willing and able to purchase at a given price level
    30s
  • Q12
    What is the concept of elasticity of supply?
    The responsiveness of the quantity of a product demanded to changes in price
    The measure of the cost of producing a product or service
    The measure of how much consumers value a product or service
    The total amount of a product or service available in the market
    The responsiveness of the quantity of a product supplied to changes in price
    30s
  • Q13
    What is the law of supply?
    As the price of a product increases, the quantity supplied also increases, ceteris paribus.
    The quantity supplied is determined solely by consumer demand.
    The quantity supplied remains constant regardless of price changes.
    As the price of a product decreases, the quantity supplied also decreases, ceteris paribus.
    As the price of a product increases, the quantity supplied decreases, ceteris paribus.
    30s
  • Q14
    What is the difference between a change in quantity supplied and a change in supply?
    A change in quantity supplied is caused by a change in market competition, while a change in supply is caused by a change in consumer preferences.
    A change in quantity supplied is caused by factors other than price, while a change in supply is caused by a change in price.
    A change in quantity supplied is caused by a change in technology, while a change in supply is caused by a change in government regulations.
    A change in quantity supplied is caused by a change in consumer demand, while a change in supply is caused by a change in producer costs.
    A change in quantity supplied is caused by a change in price, while a change in supply is caused by factors other than price.
    30s
  • Q15
    What is the concept of market equilibrium?
    The point where the quantity demanded equals the quantity supplied at a specific price
    The point where the price is at its highest level in the market
    The point where the quantity demanded exceeds the quantity supplied at a specific price
    The point where the quantity supplied exceeds the quantity demanded at a specific price
    The point where the price is at its lowest level in the market
    30s

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