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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to supply when the price of a commodity increases?
💡 Hint: Think about the relationship between price and supply.
Question 2
Easy
Name one factor that can decrease supply.
💡 Hint: Consider expenses that businesses have.
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 relationship between the price of a commodity and quantity supplied?
- Inverse
- Direct
- No relationship
💡 Hint: Recall the foundational principles of supply.
Question 2
True or False: A decrease in production costs will lead to a decrease in supply.
- True
- False
💡 Hint: Think about the effects of expenses on production.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given a hypothetical situation where the government imposes a heavy tax on a product that suppliers sell, analyze how this affects the supply in the market.
💡 Hint: Consider the relationship between costs and willingness to supply.
Question 2
Imagine a drought impacting corn production. Explain how this condition affects supply and what the market response might be.
💡 Hint: Think about supply affecting price and subsequent market behavior.
Challenge and get performance evaluation