Supply
Gujarat Board · Class 11 · Economics
Practice quiz for Supply — Gujarat Board Class 11 Economics. MCQs and questions with answers to test your preparation.
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Quick Quiz: Supply
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What is supply in economics?
What is the relationship between price and supply according to the law of supply?
Stock is always _____ than supply.
When cost of production decreases, what happens to supply?
Sample Questions
Which factors affect supply other than price?
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Cost of production, Level of technology, Future price expectations, Number of firms
Factors affecting supply include cost of production, technology level, future price expectations, and number of firms. Consumer income affects demand, not supply.
The supply curve has a _____ slope.
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Positive
The supply curve has a positive slope because of the positive relationship between price and quantity supplied. As price rises, quantity supplied increases.
What is expansion of supply?
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Increase in supply due to price rise
Expansion of supply occurs when quantity supplied increases due to a rise in price, while other factors remain constant. It's movement along the same supply curve.
Which goods are exceptions to the law of supply?
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Rare goods like ancient coins, Perishable goods like milk
Rare goods (ancient coins, manuscripts) and perishable goods (milk, vegetables) are exceptions because their supply doesn't respond normally to price changes.
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