The Law of Supply and Demand

Front

When producers offer more of a good as its price increases and less as its price falls, this defines the

Back

law of supply

Front

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

Back

supply

Front

Movement along a supply curve demonstrates

Back

a change in quantity supplied

Front

Which of the following supply curves demonstrates a decrease in the quantity supplied?

Back

Front

A decrease in supply is demonstrated by which of the following?

Back

Front

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

Back

Front

The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

Back

Front

Which of the following is NOT one of the determinants of supply?
Change in cost of production/resources,
Change in number of sellers,
Substitutes,
Change in technology

Back

Substitutes

Front

Identify the correct determinant of supply: Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases. Options: Cost of production/resources, Number of sellers, Change in expectations, Change in technology

Back

Cost of production/resources

Front

Identify the correct determinant of supply.
Example: As the demand for DVDs decreased due to consumer preference for streaming movies, the market price for DVDs fell. This lower market price caused sellers to leave the DVD market and supply decreased.

Back

Change in number of sellers