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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define supply in your own words.
💡 Hint: Think about the connection between sellers and prices.
Question 2
Easy
What does the Law of Supply state?
💡 Hint: Remember the direct relationship between price and supply.
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 does the Law of Supply state?
- Quantity supplied decreases when price increases
- Quantity supplied increases when price increases
- Price has no effect on quantity supplied
💡 Hint: Think about what happens to supply when prices go up.
Question 2
True or False: When prices fall, the quantity supplied increases.
- True
- False
💡 Hint: Consider the relationship described by the Law of Supply.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A new technology drastically reduces the cost of producing electric cars. Discuss how this would impact the supply of electric cars and provide a rationale for your answer.
💡 Hint: Think about the relationship between production costs and supply levels.
Question 2
If the government were to impose a tax on a certain product, analyze how this could affect supplier behavior and the overall market supply.
💡 Hint: Consider how financial burdens affect supply decisions.
Challenge and get performance evaluation