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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define the Law of Supply.
💡 Hint: Think about how producers respond to higher prices.
Question 2
Easy
What happens to supply when the price decreases?
💡 Hint: Consider why suppliers might not want to sell as much at lower prices.
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?
- a) Quantity supplied decreases as the price increases
- b) Quantity supplied increases as the price decreases
- c) Quantity supplied increases as the price increases
💡 Hint: Think about how prices affect producer behavior.
Question 2
True or False: Increased production costs will lead to an increase in supply.
- True
- False
💡 Hint: Consider how costs affect profit margins for producers.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Suppose the government imposes a subsidy on electric cars. Analyze how this would affect the supply of electric vehicles in the market.
💡 Hint: Consider how financial support from the government influences production.
Question 2
If a sudden increase in the price of steel occurs, what is the likely outcome on the supply of cars, which heavily rely on steel in production?
💡 Hint: Think about how changes in material costs affect overall production.
Challenge and get performance evaluation