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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: Look for a definition related to price and quantity.
Question 2
Easy
What happens if the price of inputs increases?
💡 Hint: Think about how higher costs impact supply.
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 supply curve represent?
- The supply of goods at varying prices.
- The demand for goods at varying prices.
- Fixed production costs.
💡 Hint: Remember the relationship that the supply curve depicts.
Question 2
True or False: The short-run supply curve is derived from the long-run marginal cost curve.
- True
- False
💡 Hint: Focus on the definitions of the curves involved.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
If a firm currently supplies 1000 units at a price of $10 and then increases production to 1200 units when the price rises to $15, calculate the price elasticity of supply.
💡 Hint: Remember the formula for calculating price elasticity of supply.
Question 2
A firm faces an increase in fixed costs resulting from a new tax. Explain how this tax will affect its long-run supply curve.
💡 Hint: Consider the impact of increased costs on production decisions.
Challenge and get performance evaluation