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Page 1 CPT Section C General Economics Chapter 2Unit III CA.Janardhan Page 2 CPT Section C General Economics Chapter 2Unit III CA.Janardhan MCQ’s 30 Page 3 CPT Section C General Economics Chapter 2Unit III CA.Janardhan MCQ’s 30 ? A) Smaller Supply ? B) Larger Supply ? C) Constant Supply ? D) None of the above 31 Page 4 CPT Section C General Economics Chapter 2Unit III CA.Janardhan MCQ’s 30 ? A) Smaller Supply ? B) Larger Supply ? C) Constant Supply ? D) None of the above 31 ? A) Imperfectly elastic supply ? B) Perfectly elastic supply ? C) Perfectly inelastic supply ? D) none of the above 32 Page 5 CPT Section C General Economics Chapter 2Unit III CA.Janardhan MCQ’s 30 ? A) Smaller Supply ? B) Larger Supply ? C) Constant Supply ? D) None of the above 31 ? A) Imperfectly elastic supply ? B) Perfectly elastic supply ? C) Perfectly inelastic supply ? D) none of the above 32 ? A) Downward ? B) Upward ? C) Constant ? D) None of the above 33Read More
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FAQs on MCQ - Law of Supply - Business Economics for CA Foundation
| 1. What is the law of supply? |  |
Ans. The law of supply states that as the price of a good or service increases, the quantity supplied by producers also increases, and vice versa. This means that there is a direct relationship between price and quantity supplied.
| 2. Why is the law of supply important in economics? | |
Ans. The law of supply is important in economics because it helps to explain the behavior of producers in response to changes in price. It allows economists to understand how supply is influenced by factors such as production costs, technology, and market conditions.
| 3. What factors can cause a shift in the supply curve? | |
Ans. Several factors can cause a shift in the supply curve. These include changes in the cost of production, changes in technology, changes in government regulations or policies, changes in the number of producers in the market, and changes in expectations of future prices.
| 4. How does the law of supply differ from the law of demand? | |
Ans. The law of supply and the law of demand are two fundamental concepts in economics. While the law of supply describes the relationship between price and quantity supplied by producers, the law of demand describes the relationship between price and quantity demanded by consumers. The law of demand states that as the price of a good or service increases, the quantity demanded by consumers decreases, and vice versa.
| 5. Can the law of supply be violated? | |
Ans. The law of supply is a fundamental principle in economics and is generally considered to hold true in most situations. However, there are some circumstances in which the law of supply can be temporarily violated. For example, if there is a sudden disruption in the supply chain or a natural disaster that affects production, the quantity supplied may decrease even if the price increases. However, these violations are usually temporary and the law of supply tends to hold true in the long run.
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