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B Com Exam  >  B Com Tests  >  Test: Supply Analysis - 1 - B Com MCQ

Test: Supply Analysis - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Supply Analysis - 1

Test: Supply Analysis - 1 for B Com 2024 is part of B Com preparation. The Test: Supply Analysis - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Supply Analysis - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Supply Analysis - 1 below.
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Test: Supply Analysis - 1 - Question 1
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What is the main factor that influences the supply of a product according to the text?

Detailed Solution for Test: Supply Analysis - 1 - Question 1
The main factor that influences the supply of a product, as mentioned in the text, is the cost of production. When the cost of production increases, the supply of a product tends to decrease, and when the cost decreases, the supply tends to increase. This relationship between cost of production and supply is a key determinant of how much of a product is available in the market.
Test: Supply Analysis - 1 - Question 2
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What happens to the supply of a product when there is speculation about a future price increase?

Detailed Solution for Test: Supply Analysis - 1 - Question 2
When there is speculation about a future price increase for a product, the supply of that product in the present market tends to decrease. Sellers anticipate higher profits in the future and may withhold some of their supply, expecting to sell it later at a higher price. This phenomenon leads to a decrease in the current supply of the product.
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Test: Supply Analysis - 1 - Question 3
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Which determinant of supply relates to the availability and price of inputs such as raw materials and labor?

Detailed Solution for Test: Supply Analysis - 1 - Question 3
The determinant of supply that relates to the availability and price of inputs such as raw materials and labor is "Factor prices and their availability." When factors like raw materials and labor are readily available at lower prices, it becomes more economical for producers to increase their production, leading to an increase in supply.
Test: Supply Analysis - 1 - Question 4
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How do changes in transportation conditions affect the supply of products?
Detailed Solution for Test: Supply Analysis - 1 - Question 4
Changes in transportation conditions can either increase or decrease the supply of products depending on the situation. If transportation conditions improve, making it easier and more efficient to transport goods, supply may increase. Conversely, if transportation conditions deteriorate or become less efficient, it can lead to a decrease in supply.
Test: Supply Analysis - 1 - Question 5
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What is the supply function?
Detailed Solution for Test: Supply Analysis - 1 - Question 5
The supply function is the mathematical expression of the law of supply. It quantifies the relationship between the quantity supplied of a product and its price, while keeping other factors constant. It helps to model how changes in price affect the quantity supplied by sellers.
Test: Supply Analysis - 1 - Question 6
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What is the term for the direct relationship between the price of a product and its supply?
Detailed Solution for Test: Supply Analysis - 1 - Question 6
The term for the direct relationship between the price of a product and its supply is a "direct relationship." According to the law of supply, when the price of a product increases, the supply of that product also increases, and when the price decreases, the supply decreases.
Test: Supply Analysis - 1 - Question 7
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What happens to the supply of agricultural products during droughts, according to the text?
Detailed Solution for Test: Supply Analysis - 1 - Question 7
According to the text, the supply of agricultural products decreases during droughts. Droughts and adverse weather conditions can have a negative impact on crop production, leading to a decrease in the supply of agricultural products in the market.
Test: Supply Analysis - 1 - Question 8
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What is the main assumption for the application of the law of supply?
Detailed Solution for Test: Supply Analysis - 1 - Question 8
The main assumption for the application of the law of supply is that other factors remain unchanged except price. In other words, the law of supply examines how changes in price affect the supply of a product while keeping all other determinants of supply constant.
Test: Supply Analysis - 1 - Question 9
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What is the term for the quantity of a product available in the market for sale at a specified price and time?
Detailed Solution for Test: Supply Analysis - 1 - Question 9
The term for the quantity of a product available in the market for sale at a specified price and time is "Supply." Supply represents the amount of a product that sellers are willing to offer to the market at a given price and within a specific timeframe.
Test: Supply Analysis - 1 - Question 10
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How do changes in technology affect the supply of a product?
Detailed Solution for Test: Supply Analysis - 1 - Question 10
Changes in technology generally increase the supply of a product. Advanced technology can improve production processes, increase efficiency, and reduce costs, leading to higher levels of production and a greater supply of the product in the market.
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