Law of Supply

Law of Supply

Multiple Choice

How are you doing today?

• Great! I love economics!

• Okay, but I would rather be sleeping

• Bad and do not ask me about it

• I feel nothing. JK I am doing alright.

Open Ended

What is the Law of Demand?

Multiple Choice

Which of these best describes the law of demand?

• if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

• if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

• there is no law of demand, each situation is unique and demand and prices cannot be predicted

• prices will go up for certain goods when quantity demanded goes up and vice versa

Multiple Choice

According to the Law of Demand, when prices drop...

• demand will also drop

• demand will increase

• quantity demanded is unchanged

• supply increases

Multiple Choice

If the price of Frozen Yogurt increased then the demand for ice cream will 

• increase
• decrease

Multiple Select

What are the factors that can change demand?

• Complimentary Goods

• Taste

• Income

• Population

• Substitute Goods

Open Ended

What is supply?

Open Ended

What is the Law of Supply?

Multiple Choice

the amount of product producers are willing to bring to the market at any price.

• quantity supplied

• total product

• theory of production

• law of supply

Multiple Choice

This part of the market determines SUPPLY

• buyers

• sellers

• consumers

• us

Multiple Choice

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise

• fall

• stay the same

• Consumer

Multiple Choice

Which graph below shows the SUPPLY CURVE?

• A

• B

• C

• D

Multiple Choice

Price of Autos increase

• increase in supply

• increase in quantity supplied

• decrease in supply

• decrease in quantity supplied

Multiple Choice

More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?

• they decrease (curve shifts left)
• they increase (curve shifts right)
• they stay the same (the curve stays)

Multiple Choice

The diagram represents a(n)

• increase in supply

• decrease in supply

• change in quantity supplied

• none of the above

Will the supply of the item decrease or increase?

Multiple Choice

A severe frost destroys this year's crop of oranges. Will the supply increase or decrease?

• Increase

• Stay the same

• Decrease

• Mother Nature stole the oranges

Multiple Choice

Entrepreneurs learn that the market for a new digital camera looks good, and many producers plan to get into this market? Will the supply of cameras....

• Decrease

• Increase

• Stay the same

• The demand will decrease

Multiple Choice

A new Wendy's restaurant opens in town. They are offering $15.00 an hour as a starting wage. Will happen to the supply of labor? 

• Increase

• Decrease

• People will quit

• People will move out of the area

Multiple Choice

What is Mrs. Kramer's favorite dessert?

• Brownies

• Cookies

• Peanut Butter Ice Cream Sundae

• Cake