Supply quizizz

According to Keynesians, what generates supply from producers?

• A) Government policies

• B) Consumers' demand

• C) Technological advancements

• D) Market competition

Answer explanation

According to Keynesians, supply from producers is generated by consumers' demand.

What is the definition of supply according to the provided material?

• A) The total amount of goods and services available in the market

• B) The amount of goods and services producers are willing and able to produce at a particular price and point in time

• C) The amount of goods and services consumers are willing to buy at a particular price

• D) The total production capacity of a country

Answer explanation

The definition of supply is the amount of goods and services producers are willing and able to produce at a particular price and point in time, making option B the correct choice.

Which of the following is NOT one of the four components of supply?

• The quantity of goods and services

• Producers are willing to make

• At a particular price

• The quality of goods and services

Answer explanation

The quality of goods and services is NOT one of the four components of supply, as the components include the quantity of goods and services producers are willing to make at a particular price.

What is one of the components of supply?

• The demand for goods and services

• The quantity of goods and services

• The quality of goods and services

• The cost of production

Answer explanation

One of the components of supply is the quantity of goods and services, which refers to the amount of products available in the market.

Supply is defined at a particular point in time and at a particular:

• Cost

• Demand

• Price

• Quality

Answer explanation

Supply is defined at a particular point in time and at a particular Price, making it the correct choice.

Producers are willing to make goods and services at a particular:

• Demand

• Quality

• Cost

• Price

Answer explanation

Producers are willing to make goods and services at a particular Price, as it determines the profitability and sustainability of their production.

What does the Supply Curve reflect?

• The relationship between consumer demand and price.

• The quantity producers are willing to sell at different prices.

• The total revenue of producers.

• The cost of production for producers.

Answer explanation

The Supply Curve reflects the quantity producers are willing to sell at different prices, making it the correct choice.

Which axis on the Supply Curve graph is labeled "price"?

• The horizontal axis.

• The diagonal axis.

• The vertical axis.

• The curved axis.

Answer explanation

The vertical axis on the Supply Curve graph is labeled 'price', indicating the relationship between price and quantity supplied.

Which axis on the Supply Curve graph is labeled "quantity"?

• The horizontal axis.

• The diagonal axis.

• The vertical axis.

• The curved axis.

Answer explanation

The horizontal axis on the Supply Curve graph is labeled 'quantity'.

What should you remember to state when using the Supply Curve graph?

• The units used for price and quantity and the name of the graph.

• The total revenue and cost of production.

• The demand and supply equilibrium.

• The market trends and consumer preferences.

Answer explanation

The correct choice is to remember the units used for price and quantity and the name of the graph when using the Supply Curve graph.