Supply (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
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Practise the questions
10 questions from this quiz
What does a supply schedule show?
What does a supply schedule show?
Quantity supplied at different prices
What relationship does the law of supply describe?
What relationship does the law of supply describe?
Price rises, quantity supplied rises
Why does higher price lead to more supply?
Why does higher price lead to more supply?
More profit and new firms enter
On a supply curve, which axis shows price?
On a supply curve, which axis shows price?
Vertical axis
What is an expansion of supply?
What is an expansion of supply?
Price rises, movement up the curve
What causes a contraction of supply?
What causes a contraction of supply?
Price decrease of the good
What does a rightward shift of the supply curve represent?
What does a rightward shift of the supply curve represent?
Increase in supply
Which factor would increase supply (shift curve right)?
Which factor would increase supply (shift curve right)?
Fall in production costs
Which factor would decrease supply (shift curve left)?
Which factor would decrease supply (shift curve left)?
Rise in production costs
What causes movements along the supply curve?
What causes movements along the supply curve?
Price changes of the good itself