Supply

Supply

changes and shifts

Multiple Choice

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

• demand increases, price increases

• demand decreases, price decreases

• demand increases, price decreases

• Quantity demanded increases

Multiple Choice

What is supply?

• Producers willingness and ability to offer a product for sale

• Consumers willingness and ability to purchase a product

Multiple Choice

What is the law of supply?

• Price and QS (number offered for sale) vary directly

• Price and QS (number offered for sale) vary indirectly

• Price and QD vary directly

• Price and QD vary inversely

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 _______

Multiple Select

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

• A change in the price of a product

• The price of resources into production change

• A change in demand

• a shift of the supply curve

Acronymn for supply shifters

• ROTTEN

• Causes shifts of the entire supply curve

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 ________________

Multiple Choice

• Increase in resource prices

• decrease in resource prices

Multiple Choice

• increase in resource prices

• decrease in resource prices

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