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NTS - NAT ICOM Test - Economics - Supply - Quiz 1

Practice 10 high yield MCQs on Economics from Chapter Supply for NAT ICOM Test. After submission, get instant results with correct answers and detailed explanations. This is Quiz 1 of the series.

1. What does the law of supply state?



2. What is a supply schedule?



3. What is a supply curve?



4. What does elasticity of supply measure?



5. How is price elasticity of supply calculated?



6. What factors affect supply?



7. What is inelastic supply?



8. When does market equilibrium occur?



9. What happens to the supply curve when supply increases?



10. What happens to the supply curve when supply decreases?



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Instructions: Select one answer per question. After submitting, you will see your score, correct answers, and explanations.

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