Supply

Front

The willingness and ability of a producer to make a product is referred to as

Back

supply

Front

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

Back

Front

A decrease in the price of a good will

Back

decrease quantity supplied.

Front

Which way does a supply curve slope? downwards, upwards, straight across horizontally , straight across vertically

Back

upwards

Front

This part of the market determines SUPPLY in a free enterprise system

Back

producers

Front

The Law of Supply states:

Back

as price increases, supply increases

Front

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

Back

Change in cost of production

Front

Which of the following leads to a decrease in supply? Options: an increase in the cost of raw materials, diminishing marginal returns, a decrease in the cost of raw materials, a change in the law of supply

Back

an increase in the cost of raw materials

Front

Which of these do the producers of an item hope to achieve when adopting new technology? a shift to the supply curve for that product to the left, a repeal of the subsidy for that product, inelasticity of supply for that item, a shift to the supply curve for that product to the right

Back

a shift to the supply curve for that product to the right

Front

What affect do rising taxes usually have on the supply curve?

Back

decreases supply, the supply curve shifts to the left