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2. Which of these is NOT a condition of supply?

  • Changes in price of a substitute good
  • A change in the number of firms in the industry
  • Subsidies
  • Weather conditions

3. The law of supply isn't just the amount provided, but also...

  • the ability and willingness of a firm to provide goods and services at each price level over time
  • the ability and willingness of consumers to buy goods and services at each price level over time

4. Which of these is NOT a reason for price determination?

  • Supply is linked directly to price
  • The profit motive
  • Production and costs
  • New entrants coming into the market

5. Which of these is NOT a condition of demand?

  • Changes in the cost of production
  • Changes in population size
  • Changes in interest rates
  • Changes in preferences/taste due to a successful marketing campaign
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