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Supply

Supply

Assessment

Presentation

Social Studies

12th Grade

Medium

Created by

Denise Vosika

Used 3+ times

FREE Resource

5 Slides • 6 Questions

1

Supply

changes and shifts

Slide image

2

Multiple Choice

If the price of product X increases, what would happen to product Y.. a complement?

1

demand increases, price increases

2

demand decreases, price decreases

3

demand increases, price decreases

4

Quantity demanded increases

3

Multiple Choice

What is supply?

1

Producers willingness and ability to offer a product for sale

2

Consumers willingness and ability to purchase a product

4

Multiple Choice

What is the law of supply?

1

Price and QS (number offered for sale) vary directly

2

Price and QS (number offered for sale) vary indirectly

3

Price and QD vary directly

4

Price and QD vary inversely

5

Supply Determinants-- What causes supply to change?

  • Shift of the entire curve

  • never caused by the _______________ of the product-- price changes as a ______________

  • Increases of supply shift ______, causing price _______

  • decreases of supply shift ____, causing price to _______

6

Multiple Select

What are the only things that can cause a change in quantity supplied?

1

A change in the price of a product

2

The price of resources into production change

3

A change in demand

4

a shift of the supply curve

7

Acronymn for supply shifters

  • ROTTEN

  • Causes shifts of the entire supply curve

8

R (ROTTEN)

  • Resource prices

  • If resource prices increase, the cost of production ________________, so supply at the available prices _____________, shifting _________, increasing ________________

  • If resource prices decrease, the cost of production ________________, so supply at the available prices _____________, shifting _________, decreasing ________________

9

Multiple Choice

Question image
1

Increase in resource prices

2

decrease in resource prices

10

Multiple Choice

Question image

1

increase in resource prices

2

decrease in resource prices

11

O in ROTTEN

  • other goods prices

  • 2 goods, using similar resources, are produced by the same producer

  • Examples: volleyballs and basketballs

  • Alligator boots and alligator meat

Supply

changes and shifts

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