Producers and Supply Test

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

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

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

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

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

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

What is the typical slope of a normal supply curve?

• Negative slope

• Zero slope

• Positive slope

• Undefined slope

What happens to the quantity supplied if the price goes up, according to the supply curve?

• The quantity supplied will go down

• The quantity supplied will remain the same

• The quantity supplied will go up

• The quantity supplied will fluctuate randomly

What does the Market Supply Curve show?

• The quantities offered at various prices by all firms that sell different products in a given market

• The quantities offered at various prices by all firms that sell the same product in a given market

• The quantities offered at a single price by all firms that sell the same product in a given market

• The quantities offered at various prices by a single firm that sells the same product in a given market

What is the first step to obtain the data for the market supply curve?

• Plot the numbers of a separate graph

• Add the number of burritos that all individual businesses would produce

• Calculate the average price of the product

• Determine the demand curve