Supply and Price (Grade 10 NSC Matric 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?
Amount producers offer at different prices
According to the law of supply, what happens when prices increase?
According to the law of supply, what happens when prices increase?
Quantity supplied increases
Which direction does the supply curve slope?
Which direction does the supply curve slope?
Upward from left to right
Why do producers supply more when prices rise?
Why do producers supply more when prices rise?
They can make more profit
How do droughts typically affect the supply of agricultural products?
How do droughts typically affect the supply of agricultural products?
Significantly reduce supply
What effect do technological improvements generally have on supply?
What effect do technological improvements generally have on supply?
Increase supply by lowering costs
When production costs rise, what typically happens to supply?
When production costs rise, what typically happens to supply?
Suppliers reduce quantity supplied
What happens to total market supply when new producers enter the market?
What happens to total market supply when new producers enter the market?
Total supply increases
What causes a movement along the supply curve?
What causes a movement along the supply curve?
A change in price only
What causes the entire supply curve to shift to a new position?
What causes the entire supply curve to shift to a new position?
Changes in non-price factors