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Economics Ch. 5 Sec. 1 Quiz

An educational setting with students engaged in a discussion about supply and demand concepts, featuring charts and graphs in the background.

Economics Supply Quiz

Test your understanding of the concepts related to supply in economics with this engaging quiz! Ideal for students, teachers, and anyone interested in strengthening their knowledge of economic principles.

5 multiple choice questions
Instant feedback on your answers
Track your progress and knowledge improvement

5 Questions1 MinutesCreated by AnalyzingEagle921

The quantity available

Demand

Law of Demand

Supply

Law of Supply

The law of supply says that as prices go up, suppliers increase the quantity supplied and that as prices go down, suppliers decrease the quantity supplied.

True

False

A supply schedule is a table that shows the amount suppliers will supply at different prices.

True

False

Why are suppliers willing to increase the quantity supplied as prices go up?

Their profits go down.

Their profits go up.

Their costs go down.

Their costs go up.

Elastic supply means that changes in price causes

A significant change in quantity supplied.

An insignificant change in quantity supplied.

An insignificant change in quantity demanded.

A significant change in quantity demanded.

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