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Producers and Supply Test

Authored by Clara Rodriguez-Rios

Mathematics

8th Grade

Producers and Supply Test
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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must all producers decide regarding their products?

How much to produce

How much to offer for sale at various prices

How much to consume

How much to import

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the amount of product a producer is willing to offer for sale depend on?

The demand for the product

The cost of production

How much of the product is available

The quality of the product

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of 'Supply'?

The amount of a product a consumer is willing to buy at a given price

The amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time

The amount of a product available in the market

The cost of producing a product

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a supply schedule show?

The total revenue of a company

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

The demand for a product at different price levels

The cost of production for different quantities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Law of Supply, what happens when producers can sell goods at higher prices?

They will supply less goods and services

They will supply more goods and services

They will maintain the same level of supply

They will stop producing goods and services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a supply curve show?

The quantities demanded at each price in the market

The quantities supplied at each and every possible price in the market

The equilibrium price in the market

The total revenue at each price in the market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the typical slope of a normal supply curve?

Negative slope

Zero slope

Positive slope

Undefined slope

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