Supply (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is supply?
What is supply?
Quantity producers sell at various prices
What does the law of supply state?
What does the law of supply state?
As price rises, quantity supplied rises
Why do producers supply more when prices rise?
Why do producers supply more when prices rise?
Greater potential profits for producers
On a supply curve, which axis shows price?
On a supply curve, which axis shows price?
Vertical axis
How does a supply curve typically slope?
How does a supply curve typically slope?
Upward from left to right
What causes movement along a supply curve?
What causes movement along a supply curve?
Change in price only
How does improved technology affect supply?
How does improved technology affect supply?
Increases supply, rightward shift
What happens to supply when production costs increase?
What happens to supply when production costs increase?
Supply decreases, leftward shift
How does more suppliers entering a market affect total supply?
How does more suppliers entering a market affect total supply?
Increases supply, rightward shift
What is a subsidy?
What is a subsidy?
Money from government to support business
How do increased subsidies affect supply?
How do increased subsidies affect supply?
Increase supply, rightward shift
Which is an exception to the law of supply?
Which is an exception to the law of supply?
Speculative behaviour withholding supply