Supply of Goods and Services (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
Market supply at £10 is 250 units if Firm A supplies 100 units. What does Firm B supply at £10?
Market supply at £10 is 250 units if Firm A supplies 100 units. What does Firm B supply at £10?
150 units
Why do supply curves slope upward from left to right?
Why do supply curves slope upward from left to right?
Higher prices increase profit potential
What causes a movement along the supply curve rather than a shift?
What causes a movement along the supply curve rather than a shift?
Change in the good's own price
A rightward shift in the supply curve represents what?
A rightward shift in the supply curve represents what?
Increase in supply at all prices
If wage costs rise, what happens to supply?
If wage costs rise, what happens to supply?
Supply decreases (shifts left)
A bakery's new machinery lets 10 workers make 400 loaves instead of 200. What happens to supply?
A bakery's new machinery lets 10 workers make 400 loaves instead of 200. What happens to supply?
Supply curve shifts rightward
How do government subsidies affect the supply curve?
How do government subsidies affect the supply curve?
Shift rightward (increase supply)
What distinguishes specific taxes from ad valorem taxes on a supply diagram?
What distinguishes specific taxes from ad valorem taxes on a supply diagram?
Specific taxes create parallel curves
Price rises from £20 to £25 (25%), quantity supplied rises from 1,000 to 1,400 (40%). What is PES?
Price rises from £20 to £25 (25%), quantity supplied rises from 1,000 to 1,400 (40%). What is PES?
1.6
If a supply curve intersects the price axis (vertical), what does this indicate?
If a supply curve intersects the price axis (vertical), what does this indicate?
Supply is elastic at all points