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Supply Quiz 9 (25 MCQs)

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1. Different amounts offered for sale at each and every possible price in the market; shift of the supply curve.
2. Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are?A. perfect substitutesB. complementsC. unrelated goods.D. substitutes.
3. Businesses pay the gov't, which helps pay for gov't services-but can lead to higher prices for their products
4. The act of controlling business behavior through a set of rules or laws
5. An increase in the price of a complement for product A would?A. Shift demand for Product A outwardsB. Shift demand for product A inwardsC. Shift supply for product A outwardsD. Shift supply for product A inwards
6. What factors influence production decisions the most?
7. What are raw materials
8. What effect is working when the price of a good falls and consumers tend to buy it instead of other goods? A. The ceteris paribus effectB. The diminishing marginal utility effect.C. The substitution effectD. The income effect
9. What might cause the supply curve for apples to shift right?
10. If the price of a good is _____ than the equilibrium price, then the for that good will be greater than the supply available.
11. Responsiveness of quantity supplied to a change in price.
12. What effect does resource prices have on the price of a good?
13. What does an inelastic demand curve look like?
14. An improvement in technology will _____
15. How do you find total profit?
16. Marketers are most interested in
17. If the price elasticity of demand is unit then a fall in price?A. Reduces revenueB. Leaves revenue unchangedC. Increase revenueD. Reduces costs
18. A sudden increase in fuel costs sparks a rise in both prices and demand for fuel-efficient cars. Yet it takes over a year for car companies to manufacture more cars. In this case, the supply for cars is
19. If demand is _____ then price cuts will _____ spending? A. inelastic; increaseB. elastic; increaseC. elastic, decreaseD. none of the above
20. The law of demand implies that?A. as prices rise, demand decreaseB. as prices fall, quantity demanded increaseC. as prices fall demand increasesD. as prices rise, quantity demanded increases
21. A graph showing the various quantities supplied at each and every price that might prevail in the market
22. An increase in price and decrease in quantity demanded
23. When the change of the price has little affect on supply, makes it an _____ supply
24. Extra output due to the addition of one more unit of input.
25. In which direction does the supply curve shift when input costs increase?
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