Test: Theory Of Supply


30 Questions MCQ Test Crash Course of Micro Economics -Class 12 | Test: Theory Of Supply


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This mock test of Test: Theory Of Supply for CA Foundation helps you for every CA Foundation entrance exam. This contains 30 Multiple Choice Questions for CA Foundation Test: Theory Of Supply (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Theory Of Supply quiz give you a good mix of easy questions and tough questions. CA Foundation students definitely take this Test: Theory Of Supply exercise for a better result in the exam. You can find other Test: Theory Of Supply extra questions, long questions & short questions for CA Foundation on EduRev as well by searching above.
QUESTION: 1

If the price of apples rises from Rs. 30 per kg to Rs. 40 per kg and the supply increases from 240 kg to Rs. 300 kg. Elasticity of supply is

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QUESTION: 2

 Supply refers to quantity supplied at a particular price for a particular period of time: 

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QUESTION: 3

When supply price increase in the short run, the profit of the producer________:

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QUESTION: 4

 The supply of a goods refers to: 

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QUESTION: 5

When change in the quantity supplied is proportionate to the change in the price, the producer is said to have ______:

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QUESTION: 6

 Increase or Decrease in supply means  

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QUESTION: 7

Short run price is also called by the name of ________.

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QUESTION: 8

 

Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is

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Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is 3.

QUESTION: 9

 Increase or decrease in supply means: 

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QUESTION: 10

When supply is perfectly inelastic, elasticity of supply is equal to:

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QUESTION: 11

A perfectly inelastic supply curve will be

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Perfectly Inelastic Supply
In other words, the supply of such a commodity always remains constant no matter what the price is. A perfectly inelastic supply is represented as Es= 0. Further, a perfectly inelastic supply curve is a vertical straight line parallel to the Y-axis.

QUESTION: 12

A change in the supply of a commodity along with same supply curve may occur due to: 

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QUESTION: 13

 If a 20% fall in price brings about a 10% fall in quantity supplied, in such a case elasticity of supply will be equal to:

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QUESTION: 14

 Elasticity of supply is defined as responsiveness of quantity supplied of a good to change in _____.

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QUESTION: 15

If supply curve is Perfectly Inelastic, the supply curve is: 

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QUESTION: 16

 If Rs. 20% fall in the price brings about a 10% fall in the quantity supplied, then the elasticity of supply will be equal to:

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QUESTION: 17

 

The following are causes of shift in demand EXCEPT the one

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QUESTION: 18

 When Supply Curve shifts to the right there is _____ in Supply.

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QUESTION: 19

 If the supply of a commodity is perfectly elastic, an increase in demand will result in:

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QUESTION: 20

The price of mangoes increases form Rs. 30 per kilogram to Rs. 40 per kilogram and the supply increases from 240 kilograms the 300 kilograms. What will be the elasticity of supply for mangoes?

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QUESTION: 21

A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is

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QUESTION: 22

 

If quantity demanded is completely unresponsive to changes in price, demand is:

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QUESTION: 23

Expansion in supply refers to a situation when the producers are willing to supply a: 

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QUESTION: 24

 If there is an improvement in the technology, ___________:

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QUESTION: 25

When supply price increase in the short run, the profit of the producer________:

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QUESTION: 26

When price remains constant and quantity demanded changes, then the elasticity of demand will be:

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QUESTION: 27

Supply of a commodity is a ________.

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QUESTION: 28

What is the elasticity of supply, when price changes from Rs. 15 to Rs. 12 and supply change from 6 units to 5 units?

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QUESTION: 29

 At a price of Rs. 25 per kg, the supply of a commodity is 10,000 kg per week. An increase in its price to Rs. 30 per kg, increases the supply of the commodity to 12,000 kg per week. The elasticity of supply will be:-

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QUESTION: 30

Short run price is also called by the name of ________.

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