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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to a firm's supply curve when input prices increase?
💡 Hint: Think about how increased costs affect production.
Question 2
Easy
Describe the effect of a decrease in input prices.
💡 Hint: How does reduced cost allow firms to respond?
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 effect do increased input prices have on supply?
- Supply increases
- Supply decreases
- No effect
💡 Hint: Refer to how costs relate to output.
Question 2
True or False: Lower input prices allow firms to supply less at the same market price.
- True
- False
💡 Hint: Remember the dynamics of cost and supply.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company producing furniture faces a price increase in wood by 50%. How might this affect their supply curve, and what strategies could they employ to adapt?
💡 Hint: Think about how businesses respond to cost pressures.
Question 2
Evaluate a scenario where input prices drop significantly, yet the demand remains stagnant. What implications does this have for the market?
💡 Hint: Consider the role of demand elasticity in conjunction.
Challenge and get performance evaluation