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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a supply curve?
💡 Hint: Think about what influences the quantity supplied for different prices.
Question 2
Easy
How does technological progress affect the supply curve?
💡 Hint: Consider what happens when a company uses better technology.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What happens to a firm's supply curve when production costs decrease?
- It shifts left
- It shifts right
- It becomes vertical
💡 Hint: Consider the effect of lower costs on supply.
Question 2
True or False: An increase in input prices will always decrease the quantity supplied.
- True
- False
💡 Hint: Think about how costs impact the decision to supply.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
If the price of a key input in production rises significantly, detail the steps a firm might take to respond. Consider both short and long-term adjustments.
💡 Hint: Consider how businesses plan for both immediate and future challenges.
Question 2
Imagine a firm develops a groundbreaking technology that cuts its production costs by half. Discuss the expected changes in its supply curve and market behavior.
💡 Hint: Think about how market dynamics change when supply increases.
Challenge and get performance evaluation