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Choose the correct answer to fill in the gap: The law of supply states that as the price of an item goes up, suppliers will attempt ____ by increasing the quantity offered for sale.

To improve efficiency

❌

To reduce their costs

❌

To extend their product range

❌

To increase their profits

✅

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Choose the correct answer to fill in the gap: The quantity desired to sell a good at ____ in a particular period of time is known as the quantity demanded.

A market is a group of

Consumers of a particular good or service

❌

Producers and distributors of a particular good or service

❌

Sellers of a particular good or service

❌

Buyers and sellers of a particular good or service

✅

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Choose the correct answer to fill in the gap: The standard presentation of a supply curve has price given on the Y-axis and _______ on the X-axis.

Choose the correct answer to fill in the gap: The relationship between the price and ______ is represented in the table called a supply schedule.

Production quality

❌

Non-price determinants

Choose the correct answer to fill in the gap: If a change in price causes _____ , the supply is said to be elastic.

A larger percentage change in both demand and supply

❌

A larger percentage change in demand

❌

A larger percentage change in supply

✅

A larger percentage change in quantity demanded

❌

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