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- 1. Multiple ChoiceWhat happened to a supply curve when supply goes down?moves leftmoves rightsmoves upmoves down
- 2. Multiple ChoiceWhat is quantity of a good or service that producers sell at a market price?supplydemandlaw of demandlaw of supply
- 3. Multiple ChoiceWhich is not a cause for supply to change?subsidygovernment regulationstastecompetition
- 4. Multiple ChoiceWhich way does a supply curve slope?downupbothneither
- 5. Multiple Choicea measure of the way a quantity supplied reacts to a change in priceelasticity of supplysupplyelasticity of demandprofit
- 6. Multiple ChoiceWhen the selling price of a good goes up, what is the relationship to the quantity supplied?the cost of production goes upthe profit made on each item goes upit becomes practical to produce more goodsthere is no relationship between the two
- 7. Multiple ChoiceWhat happened to a supply curve when supply goes down?moves leftmoves rightsmoves upmoves down
- 8. Multiple Choice
Which graph below shows the SUPPLY CURVE?ABCD - 9. Multiple ChoiceThis part of the market determines SUPPLYbuyerssellersconsumersus
- 10. Multiple ChoiceIn general, if the price of a good or service goes up, what happens to the supply for that good or service?supply goes upsupply goes downsupply stays the samenone of the above
- 11. Multiple ChoiceThe diagram represents a(n)increase in supplydecrease in supplychange in quantity suppliednone of the above
- 12. Multiple ChoiceIf a new, huge oil reservoir was found in Ohio, this would cause the ___________ curve for oil and gas to shift ____________.demand.........rightdemand.........leftsupply.......rightsupply....... left
- 13. Multiple ChoiceMore sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?they decrease (curve shifts left)they increase (curve shifts right)they stay the same (the curve stays)
- 14. Multiple ChoiceWhat causes movement along the supply curve?Taxes, Subsidies, Regulations, cost of inputsONLY a change in price
- 15. Multiple ChoiceAmount that producers bring to the market at any given pricesupplyquantity suppliedsupply curvesupply elasticity
- 16. Multiple ChoiceMeasure of the way in which quantity supplied responds to a change in pricesupply curvesupply elasticitysupplysubsidy
- 17. Multiple ChoiceThe Law of Supply states that?The quantity supplied varies inversely with its price.The quantity supplied varies irregularly with its price.The quantity demanded varies inversely with its price.The quantity supplied varies directly with its price.
- 18. Multiple ChoiceThe government puts regulations on the auto industry forcing them to put new protective technologies (such as new types of airbags) in every car produced?shifts rightshifts leftmovement up supply curvemovement down supply curve
- 19. Multiple ChoiceAnything used to produce a good or service is...LaborFactor of ProductionCapitala change in elasticity
- 20. Multiple ChoiceThe amount of goods or services available is called?supplydemandproducerconsumer
- Answer choicesTagsAnswer choicesTags