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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to supply if the price of a good rises?
💡 Hint: Think about the Law of Supply.
Question 2
Easy
Name one factor that can decrease supply.
💡 Hint: Consider what affects production costs.
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 is the Law of Supply?
- Supply decreases as price increases
- Supply increases as price increases
- Supply remains constant regardless of price
💡 Hint: Look at the relationship between price and quantity.
Question 2
True or False: Higher production costs typically increase supply.
- True
- False
💡 Hint: Consider how costs affect willingness to produce.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
Discuss how an increase in the number of technology firms entering a market affects existing suppliers. Include potential outcomes.
💡 Hint: Think of competition dynamics.
Challenge and get performance evaluation