Supply Quiz

What is the definition of supply?

• The cost of producing a product.

• The demand for a product in the market.

• The total amount of a product available in the market.

• The willingness and ability to sell a product.

How is market supply calculated?

• By adding the quantities supplied by each firm at each price.

• By averaging the supply of all firms.

• By subtracting individual supply from total demand.

• By taking the highest supply from individual firms.

What happens to supply when the price increases?

• Supply remains the same.

• Supply decreases.

• Supply increases.

• Supply becomes unpredictable.

What is the difference between individual supply and market supply?

• Individual supply is the total supply from all firms.

• Market supply is the supply from one firm.

• Individual supply is the supply from one firm.

• There is no difference.

Supply Curve is....?

• upward slopping

• downward slopping

• straight vertical line

• straight horizontal line