2. Topic 2(COLON) Demand, Supply and the Price Mechanism

Lesson 2.2: Supply And The Supply Curve — Quiz

Test your understanding of lesson 2.2: supply and the supply curve with 5 practice questions.

Practice Questions

Question 1

What does the law of supply state about the relationship between price and quantity supplied?

Question 2

Which of the following factors does NOT affect the supply of a good?

Question 3

What type of shift occurs in the supply curve when there is an increase in technology that lowers production costs?

Question 4

If a government imposes a tax on a product, what is the likely effect on the supply curve?

Question 5

What characterizes a joint supply situation?