Supply Review

Front

Which of the following is the Law of Supply? As prices go up, supply goes up , As prices go up, supply goes down , Both of These , Neither of these

Back

As prices go up, supply goes up

Front

What is the ONLY thing that can change QUANTITY SUPPLIED? Options: The Cost of Resources, Productivity, Taxes and Subsidies

Back

A Change in Price

Front

Which of the following can affect Supply Elasticity?
The number of substitutes available,
Does the item use a large portion of your income?
The ability to delay the purchase,
If a firm can react quickly to a change in price

Back

If a firm can react quickly to a change in price

Front

Which of the following industries receives the most government subsidies? The Education Industry, Farming, Manufacturing, The Energy Industry

Back

Farming

Front

A period of time in which a business can only change their variable inputs (like labor or raw materials)

Back

Short Run

Front

A period of time in which a business can change any factor of production (including land and capital)

Back

Long Run

Front

If the price of hand sanitizer increases from $3 to $6, what is the percentage change?

Back

100%

Front

The formula for percentage change is...

Back

(final - Initial) / Initial All X 100 = % Chng.

Front

The formula for elasticity is...

Back

% Chg. Q / % Chg. P

Front

What is the elasticity of pencils if the percentage change in quantity is 80% and the percentage change in price is 30%?

Back

2.6