Theory of Supply — Important Questions
ICSE · Class 10 · Economic Application
68 important questions from Theory of Supply for ICSE Class 10 Economic Application, with answers. Includes multiple choice and multiple correct questions.
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Important Questions from Theory of Supply
Which of the following is an example of composite supply?
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Electricity from fossil fuels, hydro and nuclear fission
Composite supply means one product has more than one source of supply. Electricity from different sources is the standard example.
What happens to quantity supplied when price rises, other things being equal?
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It increases
The law of supply states a direct relationship between price and quantity supplied, assuming other factors remain constant.
Which is the correct symbolic form of the law of supply?
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S = f(P)
The law of supply is written as S = f(P), showing supply as a function of price.
Which supply curve shape shows perfectly inelastic supply?
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A vertical line
Perfectly inelastic supply means quantity supplied does not change with price, so the supply curve is vertical.
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