Test: The Theory of Supply - 1 - JAMB MCQ

The quantity of goods and services that consumers are willing and able to purchase at a given price.

The quantity of goods and services that producers are willing and able to sell at a given price.

The price at which consumers are willing to purchase goods and services.

The price at which producers are willing to sell goods and services.

Production costs

Technology

Consumer preferences

Government regulations

Price and quantity demanded

Price and quantity supplied

Income and price elasticity

Demand and supply

As price increases, quantity supplied decreases

As price increases, quantity supplied increases

As price decreases, quantity supplied decreases

As price decreases, quantity supplied increases

A decrease in the price of raw materials

An increase in the number of producers in the market

An increase in production costs

An increase in the price of the product

Technological advancements

Decreased input costs

Increase in the number of producers

Increase in taxes or regulations

An increase in supply

A decrease in supply

An increase in demand

A decrease in demand

Change in consumer income

Change in consumer tastes and preferences

Change in production costs

Change in population

Producers are willing to supply more of the good

Producers are willing to supply less of the good

Demand for the good increases

Demand for the good decreases

Change in consumer income

Change in the price of the product

Change in the number of producers

Change in consumer tastes and preferences