4.3 - Factors Affecting Supply
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Practice Questions
Test your understanding with targeted questions
What happens to supply if the price of a good rises?
💡 Hint: Think about the Law of Supply.
Name one factor that can decrease supply.
💡 Hint: Consider what affects production costs.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the Law of Supply?
💡 Hint: Look at the relationship between price and quantity.
True or False: Higher production costs typically increase supply.
💡 Hint: Consider how costs affect willingness to produce.
1 more question available
Challenge Problems
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A company produces toy cars. Due to a new tax policy, their production costs rose significantly. Analyze the likely effect on supply and provide supporting reasoning.
💡 Hint: Consider how production costs impact decisions to manufacture.
Discuss how an increase in the number of technology firms entering a market affects existing suppliers. Include potential outcomes.
💡 Hint: Think of competition dynamics.
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