What does the scale in the image represent in economic terms?

What is Supply Quiz

Quiz
•
History
•
11th Grade
•
Medium
Carie Barry
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balance between market demand and supply
The difference between import and export
The fluctuation of stock market prices
The comparison of different economic policies
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "supply" refer to in economic context?
The demand for a product at various prices
The cost of producing a product
The amount of a product a producer is willing to offer for sale at all possible prices at a given point in time
The total quantity of a product available for purchase
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On what factor does the decision of how much of a product to offer for sale at various prices depend?
The marketing strategy of the company
The availability of the product
The number of competitors in the market
The geographical location of the market
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the "Supply Schedule" refer to in economic terms?
A) A list of suppliers and their contact information
B) A table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time
C) A government document regulating the supply of goods
D) A schedule for when supplies are delivered to stores
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the "Law of Supply," what is the relationship between the price of goods and the quantity supplied?
A) Producers will supply more goods and services when they can sell them at higher prices and less at lower prices
B) Producers will supply more goods and services when they can sell them at lower prices and less at higher prices
C) Producers will supply the same amount of goods regardless of the price
D) Producers will decrease supply as prices increase to maintain market balance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Market Supply Curve represent?
The quantity of a product offered at various prices by a single firm
The quantities offered at various prices by all firms that sell the same product in a given market
The total demand of a product in a market
The price elasticity of supply for a product
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is data for the market supply curve obtained?
By calculating the average price of products from different firms
By adding the number of products that all individual businesses would produce
By surveying consumer purchasing habits
By determining the highest price a consumer is willing to pay
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