What is the relationship between the price of a commodity and its individual supply?

There is a negative correlation.

There is a positive correlation.

How is supply defined?

The total quantity of a commodity sold by a firm.

The total quantity demanded in the market.

The quantity of a commodity that a firm is willing and able to offer for sale at various prices during a specific timeframe.

The total quantity of a specific commodity available in the market.

What does the term 'stock' refer to in the context of supply?

The total quantity of a specific commodity available with a firm at a particular moment.

The total quantity demanded in the market.

The total quantity supplied in the market.

The total quantity of a commodity sold by a firm.

How does an increase in the price of factors of production affect individual supply?

It increases commodity production.

It has no effect on commodity production.

It decreases commodity production.

It decreases individual supply.

What is the impact of technological progress on individual supply?

It decreases production costs and shifts the individual supply curve leftward.

It increases production costs and shifts the individual supply curve rightward.

It increases production costs and has no impact on individual supply.

It decreases production costs and shifts the individual supply curve rightward.

How does a unit tax influence individual supply?

An increase in unit tax raises production costs, shifting the individual supply curve rightward.

A decrease in unit tax lowers production costs, shifting the individual supply curve leftward.

An increase in unit tax raises production costs, shifting the individual supply curve leftward.

A decrease in unit tax raises production costs, shifting the individual supply curve rightward.

What is the supply function in economics?

A graphical representation of the law of supply.

A mathematical expression elucidating the connection between the quantity supplied of a product or service, its price, and additional factors.

The total quantity of a commodity available in the market.

A measure of the quantity of goods produced.

What is the impact of an increase in the price of other goods on individual supply?

It decreases individual supply.

It increases individual supply.

It has no impact on individual supply.

It depends on the nature of the goods.

What are some key determinants of supply?

Organizational objectives, cost of production factors, and technological advancements.

Market expectations, number of producers, and environmental conditions.

The commodity's price, governmental policies, and prices of other commodities.

Supply Free MCQ Practice Test with Solutions

	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1365 videos\|1312 docs\|1010 tests

	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1365 videos\|1312 docs\|1010 tests

Important Questions for Supply

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Online Tests for Supply SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

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