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- 1. Multiple Choice
When producers offer more of a good as its price increases and less as its price falls, this defines the
law of demand
law of supply
change in demand
change in supply
- 2. Multiple Choice
The willingness and ability of a producer to make a product is referred to as
quantity supplied
quantity demanded
supply
demand
- 3. Multiple Choice
Movement along a supply curve demonstrates
a change in quantity supplied
a change in quantity demanded
a change in supply
a change in demand
- 4. Multiple Choice
A shift in a supply curve demonstrates
a change in quantity supplied
a change in quantity demanded
a change in supply
a change in demand
- 5. Multiple Choice
Which of these demonstrates an example of a supply curve? (More than one answer)
- 6. Multiple Choice
Which of the following supply curves demonstrates a decrease in the quantity supplied?
- 7. Multiple Choice
A decrease in supply is demonstrated by which of the following?
- 8. Multiple Choice
A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?
- 9. Multiple Choice
The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?
- 10. Multiple Choice
A popular musical act announces a concert at a 10,000 seat venue. Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered. What concept does this demonstrate?
elastic supply
inelastic supply
change in supply
change in quantity supplied
- Answer choicesTagsAnswer choicesTags