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- 1. Multiple ChoiceThe Law of Supply states:as price increases, supply increasesas prices decrease, supply increasesas price increases, quantity demanded decreasesas price decreases, quantity demanded decreases
- 2. Multiple Choice
Which graph below shows the SUPPLY CURVE?
A
B
C
D
- 3. Multiple Choice
What happens to a supply curve when supply goes down?
moves left
moves rights
moves up
moves down
- 4. Multiple ChoiceThe diagram represents a(n)increase in supplydecrease in supplychange in quantity suppliednone of the above
- 5. Multiple ChoiceThe appearance of a supply curve isan upward slope, bottom left to top right.a downward slope, top left to bottom right.a horizontal line.a vertical line.
- 6. Multiple Choice
Amount that producers bring to the market at any given time
quantity supplied
supply curve
quantity demanded
production
- 7. Multiple Choice
How would an increase in steel prices affect the supply of cars in the US?
the demand would increase
increase in supply
supply would remain the same
decrease in supply
- 8. Multiple Choice
how would good weather conditions affect the supply of apples?
Increase in supply
supply would stay the same
the supply would decrease
more pie! (not the answer)
- 9. Multiple Choice
when prices decrease, quantity supplied...
decreases
increases
stays the same
- 10. Multiple Choice
when prices increase, quantity....
decreases
increases
stays the same
- 11. Multiple ChoiceIf technology improves, what effect does this typically have on supply?go upgo downstay the same
- 12. Multiple ChoiceWhich of the following is the best example of the law of supply?a milling company builds a new factory to process flour for exporta catering company buys a new dishwasher to make their work easiera food producer increases the number of acres of wheat he grows to supply a milling companya sandwich shop increases the number of sandwiches they supply every day when the price is increased
- 13. Multiple ChoiceThe Supply Curve is upward-sloping because...as price increases, consumers demand less.none of the choicesas price increases, so do costs.As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to produce more.
- 14. Multiple ChoiceThe law of supply states that there is what type of relationship between price and supply?As price decreases demand increases.As price increases supply decreases.As price increases supply increases.As price decreases supply remains the same.
- 15. Multiple ChoiceWhat does this curve represent?demandsupplyequilibriumshortage
- 16. Multiple ChoiceAs the price of a product decreases suppliers want to...produce more.produce less.produce the same amount.close their stores.
- 17. Multiple Choice
Which of these best describes the influence of high prices on the behavior of producers?
They have no significant overall effect on producer behavior.
They are an incentive for producers to produce more.
They are an incentive for producers to buy less.
They encourage producers to modify their supply schedules.
- 18. Multiple ChoiceIf taxes are raised, then supply would most likely _______ because production cost are higher?stay the samestopdecreaseincrease
- 19. Multiple Choice
How do you show a change in the price of a good, which changes the quantity supplied or quantity demanded?
Movement along the curve
Shift in the curve
Curve is a straight up and down line
- 20. Multiple ChoiceThe picture shown illustrates the:Law of DEMANDLaw of SUPPLYDeterminants of supplyDeterminants of demand
- 21. Multiple Choice
Which of the following is NOT one of the determinants (factors) that cause an increase or decrease in supply?
Change in cost of production
Change in number of sellers
Substitutes
Change in technology
- 22. Multiple Choice
Identify the correct determinant of supply.
Examples: When auto manufacturer were able to implement robotics on the production line, automobiles were produced more quickly and at a smaller cost per unit. This allowed the industry to supply more cars.
Government regulations
Seller Expectations
Number of sellers
Change in technology
- 23. Multiple Choice
I foresee gas prices rising tremendously in the next summer. I as a gas supplier, want to cut my supply now so gas prices continue to rise. What supply factor does this best relate to?
Change in Technology
Government Action
Change in Seller Expectations
- 24. Multiple ChoiceThis part of the market determines SUPPLYbuyerssellersconsumersus
- 25. 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)
- 26. Multiple ChoiceWhat causes movement along the supply curve?Taxes, Subsidies, Regulations, cost of inputsONLY a change in price
- 27. Multiple ChoiceWhich of the following could cause the price for automobiles to decrease?The local factory gives a big raise to its employees.None of the choicesA brand new automobile dealership opens in town.The price of gasoline falls.
- 28. Multiple ChoiceMany producers who make cars also produce motorcycles. If the price of motorcycles increases, what happens to the market for cars?Increase in supplyDecrease in supplyNo change in supply
- 29. Multiple Choice
Movement along a supply curve because of a price change.
Change in supply
Change in quantity supplied
Increase in Supply
Supply
- 30. Multiple Choice
Lower prices for the same item will _______ suppliers.
motivate
deter
infuriate
scare
- Answer choicesTagsAnswer choicesTags