Factors Affecting Market Supply (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does supply refer to in economics?
What does supply refer to in economics?
Quantity firms are willing & able to sell
What is market supply?
What is market supply?
Sum of all individual firm supplies
Which is NOT one of the six key factors affecting market supply?
Which is NOT one of the six key factors affecting market supply?
Consumer income levels
How do higher expected future prices affect current supply?
How do higher expected future prices affect current supply?
Suppliers increase current supply levels
Why might a farmer switch from growing wheat to barley?
Why might a farmer switch from growing wheat to barley?
Barley prices increase significantly
How does technological advancement typically affect supply?
How does technological advancement typically affect supply?
Increases supply by reducing costs
What happens when factor costs rise significantly?
What happens when factor costs rise significantly?
Firms may reduce supply or exit market
Why is supply of original artworks by deceased artists fixed?
Why is supply of original artworks by deceased artists fixed?
Physical availability constraints
How do extended droughts affect agricultural supply?
How do extended droughts affect agricultural supply?
Severely reduce supply as yields fall
What is the break-even price for producers?
What is the break-even price for producers?
Price that covers production costs