The Market Supply Curve: Definition, Principles & Equation

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question 1 of 3

To understand the market supply curve, you must first understand _____.

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1. All individual supply curves are upward sloping; therefore _____.

2. What is a perfectly competitive market?

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About This Quiz & Worksheet

This quiz/worksheet combo will gauge your knowledge of a market supply curve and what it represents in economics. You'll receive your quiz scores as soon as you finish answering the questions.

Quiz & Worksheet Goals

In these assessments, you will evaluate your comprehension of the following:

  • The first step in understanding a market supply curve
  • What an upward sloping curve indicates
  • The meaning of 'competitive market'
  • Solving practice problems related to identifying supply

Skills Practiced

  • Information recall - access the knowledge you've gained regarding how to understand a market supply curve
  • Knowledge application - use your knowledge to answer questions about an upward sloping curve and what it says about companies in a competitive market
  • Interpreting information - verify you can read information regarding competitive and non-competitive markets and interpret it correctly

Additional Learning

Keep expanding your knowledge about this economic concept by reviewing the lesson called The Market Supply Curve: Definition, Principles & Equation. The lesson will cover the following areas:

  • How market supply is determined
  • Definition of a market supply curve
  • Example of a market supply curve graph
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