Economics Ch. 5 Sec. 1 Quiz
Economics Supply Quiz
Test your understanding of the concepts related to supply in economics with this engaging quiz! Ideal for students, teachers, and anyone interested in strengthening their knowledge of economic principles.
- 5 multiple choice questions
- Instant feedback on your answers
- Track your progress and knowledge improvement
The quantity available
Demand
Law of Demand
Supply
Law of Supply
The law of supply says that as prices go up, suppliers increase the quantity supplied and that as prices go down, suppliers decrease the quantity supplied.
True
False
A supply schedule is a table that shows the amount suppliers will supply at different prices.
True
False
Why are suppliers willing to increase the quantity supplied as prices go up?
Their profits go down.
Their profits go up.
Their costs go down.
Their costs go up.
Elastic supply means that changes in price causes
A significant change in quantity supplied.
An insignificant change in quantity supplied.
An insignificant change in quantity demanded.
A significant change in quantity demanded.
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