Producer Behaviour and Supply Quiz
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1. What is the primary objective of a producer in a market economy?
Maximize utility · Maximize profit · Minimize costs · Maximize output
2. Which of the following is NOT a factor affecting supply?
Price of the product · Technology · Consumer preferences · Number of sellers
3. What does the law of supply state?
Price and quantity supplied are inversely related · Price and quantity supplied are directly related · Supply is constant regardless of price · Supply decreases as demand increases
4. Which term describes the additional output resulting from one more unit of input?
Total product · Marginal product · Average product · Fixed product
5. What happens to the supply curve if there is an improvement in technology?
Shifts to the left · Shifts to the right · Becomes vertical · Becomes horizontal
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