Supply – Meaning, Schedules, Curves, Laws - SS1 Economics Past Questions and Answers - page 1
1
What is supply?
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A
The amount of a good or service that consumers are willing and able to buy
B
The amount of a good or service that producers are willing and able to sell
C
The total amount of a good or service in a market
D
The relationship between price and demand for a good or service
2
What are supply schedules?
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A
Graphical representations of the relationship between price and quantity supplied
B
Tables that show the quantity of a good or service that consumers are willing to buy at different prices
C
Tables that show the quantity of a good or service that producers are willing to sell at different prices
D
None of the above
3
What are supply curves?
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A
Tables that show the quantity of a good or service that producers are willing to sell at different prices
B
Graphical representations of the relationship between price and quantity supplied
C
Graphical representations of the relationship between price and demand
D
None of the above
4
What is the law of supply?
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A
As the price of a good or service increases, the quantity supplied by producers decreases
B
As the price of a good or service decreases, the quantity supplied by producers increases
C
As the price of a good or service increases, the quantity supplied by producers also increases
D
There is no relationship between price and quantity supplied
5
Define the concepts of supply below:
i. definition
ii. schedule
iii. curve
iv. law
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