Supply Review

Front

Which best represents the "law of supply"? Options: The amount of goods available, Producers offer more of a good at a higher price, Producers offer more of a good at a lower price, Consumers want more of a good when the price is low

Back

Producers offer more of a good at a higher price

Front

This image represents:

Back

The law of supply

Front

This image represents a(n):

Back

supply schedule

Front

Why does quantity supplied increase as price rises?

Back

Existing firms produce more AND new firms enter the market

Front

According to the law of supply, the relationship between price and quantity supplied is:

Back

Direct

Front

This graph represents a(n):

Back

Increase in quantity supplied

Front

An observer of this graph would say that it represents a(n): Increase in supply, Decrease in supply, Decrease in quantity supplied, Increase in quantity supplied

Back

Increase in supply