2. Supply and Demand
Supply Basics — Quiz
Test your understanding of supply basics with 5 practice questions.
Practice Questions
Question 1
Which of the following would cause a decrease in supply for a product, assuming all other factors remain constant?
Question 2
Which of the following best describes the effect of an excise tax on the supply curve?
Question 3
If the supply curve for a product is given by the equation $Q_s = 10 + 3P$, where $Q_s$ is the quantity supplied and $P$ is the price, what is the quantity supplied when the price is $20$?
Question 4
What is the primary reason that a supply curve typically slopes upwards from left to right?
Question 5
Which of the following scenarios would lead to a shift to the right in the supply curve for wheat?