SAQs

 

 

 

 

3. Supply is:

 

a)

The quantity producers make at each price?

b)

The quantity producers are prepared to sell at each price?

 

Click here for the answer to SAQ 3

 

4. With reference to the supply schedule and curve, how much is supplied when the price is:

 

Price (pence)

Quantity

25

 

15

 

30

 

 

Click here for the answer to SAQ 4

 

5. The law of supply states that as price rises, quantity supplied will (INCREASE or DECREASE?) and as price falls, quantity supplied will (INCREASE or DECREASE?)

 

Click here for the answer to SAQ 5