Supply (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is an indirect tax?
What is an indirect tax?
A tax on goods and services
What is a subsidy?
What is a subsidy?
Govt payment offsetting production costs
What defines competitive supply?
What defines competitive supply?
Firms choose which good to produce
What characterises joint supply?
What characterises joint supply?
One good is a by-product of another
What is the typical slope of a supply curve?
What is the typical slope of a supply curve?
Upward from left to right
According to the law of supply, what happens when price rises?
According to the law of supply, what happens when price rises?
Quantity supplied increases
How is market supply derived from individual supply?
How is market supply derived from individual supply?
Horizontally summing individual curves
Which is an example of joint supply?
Which is an example of joint supply?
Beef and leather
Which is an example of competitive supply?
Which is an example of competitive supply?
Wheat and barley
What is an extension of supply?
What is an extension of supply?
Price rises, quantity supplied rises
What causes a rightward shift in the supply curve?
What causes a rightward shift in the supply curve?
Technological advances reducing costs
How do subsidies and taxes affect supply?
How do subsidies and taxes affect supply?
Subsidies increase, taxes decrease