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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What happens to the quantity supplied when the price of a product increases?
💡 Hint: Think about the definition of the Law of Supply.
Question 2
Easy
Describe what is meant by a direct relationship in economics.
💡 Hint: Use an example of price and quantity.
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
According to the Law of Supply, when prices rise, what happens to the quantity supplied?
- It decreases
- It increases
- It stays the same
💡 Hint: Remember the definition of the Law of Supply.
Question 2
True or False: A decrease in price results in an increase in quantity supplied.
- True
- False
💡 Hint: Think about how prices impact producer decisions.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A sudden spike in oil prices leads to an increase in electric vehicle production. Analyze the implications of this change in supply behavior.
💡 Hint: Consider the broader market effects beyond immediate supply.
Question 2
If a government reduces taxes on producers, what might be the effect on the supply of goods? Discuss the economic reason behind your conclusion.
💡 Hint: Think about how costs influence producer behavior.
Challenge and get performance evaluation