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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the market supply curve?
💡 Hint: Think about what happens when you sum individual firm supplies.
Question 2
Easy
How do you derive the market supply curve from individual firm supply curves?
💡 Hint: Remember how we add up numbers in math.
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 does a market supply curve represent?
- Individual firm supply
- Total aggregate supply at different prices
- Cost of production
💡 Hint: Remember, it's not just one firm.
Question 2
If production costs increase, what happens to the market supply curve?
- True
- False
💡 Hint: Think about higher costs leading to less supply.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
If the market price rises from $10 to $20 and the supply from two firms increases from 15 to 30 units, analyze the factors that could be causing this change.
💡 Hint: Consider the direct impact of price changes on firms’ decisions.
Question 2
Illustrate with a graph how an increase in the number of firms affects the market supply curve, and provide a real-world example.
💡 Hint: Use the graph to show horizontal shifts clearly.
Challenge and get performance evaluation