QUIZES ON THEORY OF SUPPLY

A rise in the supply of a commodity cause__________

An increase in the equilibrium price and decrease in the equilibrium quantity bought and sold

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An increase in both equilibrium

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A decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold

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A decrease in both equilibrium

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Which of the following matters may account for changes in supply?

I – technological advances in an industry
II – changes in labour costs
III – changes in source of supply
IV – changes in levels of taxation

I, II

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I, III

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II, III, IV

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I, II, III, IV

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A supply curve slopes upwards from the left to the right indicating__________

A negative slope

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A positive slope

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A backward sloping supply curve

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Short-run supply curve

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If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?

2.00

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0.50

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1.50

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1.00

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What effect would a change in price of a commodity have on its supply?

An increase in supply

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No change in supply

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A decrease in supply

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A change in the quantity supplied

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All the following are factors that would bring about a change in supply except

Level of technology

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Government policy

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Entry of new firms

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Price of the commodity

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Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?

20

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15

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50

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30

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One of the reason why the condition of supply of a commodity may change is

A change in real income

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Changes in the technique of production

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A change of fashion or taste C. A change of fashion or taste C. A change of fashion or taste C. A change of fashion or taste C. A change of fashion or taste

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Change in population

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A change in supply is best described as a?

Movement along the supply curve

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Shift of the supply curve to the left or to the right

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Shift of the supply curve to the left

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Shift of the supply curve to the left

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Supply is________

A stock

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A Flow

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Constant

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A table

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QUIZES ON THEORY OF SUPPLY

QUIZES ON THEORY OF SUPPLY

Thomas Bamidele March 8, 2024

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