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1. Law of supply states:

Price fall, supply rise
Price rise, supply fall
Price rise, Supply rise

Price fall, supply constant

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2. Market supply curve represents:

Individual supply of producer

Supply of two producer
Summation of individual supplies

None of the above

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3. Change in number of sellers lead to:

Movement in the supply curve
Shift in supply curve

Supply curve remains constant

Market fluctuations
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4. A supply curve reveals the:

Quantity of output consumers are willing to purchase at each possible market price

Difference between quantity demanded and quantity supplied at each price

Maximum level of output an industry can produce, regardless of price

Quantity of output that producers are willing to produce and sell at each possible market pri

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5.
The diagram shows two supply curves of product X.
What might cause the supply curve to shift from S1 S1 to S2 S2 in the short run?

A fall in consumers incomes

A fall in production costs
A rise in tax
A fall in productivity

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6. When an industry's raw material costs increase, other things

remaining the same:
The supply curve shifts to the left

The supply curve shifts to the right

The output increases regardless of the market price and the supply curve shifts upward
The output decreases and the market price also decreases
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7. Which of the following provides an example of the law of supply?

Falling labor costs cause an increase in supply
Improved technology shifts the supply curve to the right
Some producers leave the industry, and the supply curve shifts to the left
Price falls and the quantity supplied decreases

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8. The market supply curve of a particular product indicates the:

Total quantities that are actually sold during a given time period.
Total quantities that buyers are willing to purchase at alternative prices.

Total quantities that sellers are willing and able to offer for sale at alternative prices in a giv

Specific quantities that an individual seller will make available at a given price in a given ti
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9. If corn and wheat are alternative pursuits for a farmer, a change

in the supply of corn will take place when, ceteris paribus:
The price of corn changes
The price of wheat changes

The demand for corn changes

Consumers want to buy more corn at the same price
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10. Which of the following would not cause the market supply of
cell phones to change?

Telecommunications are deregulated, and anyone who wants to can produce and sell cell ph
A cheaper technology for producing plastics used in producing cell phones is developed
A reduction in the demand for cell phones causes the price to fall

Taxes levied on cell phone production are reduced