Determinants of Supply

Supply

​

Multiple Choice

How much people want something

• supply
• demand

Multiple Choice

A group of buyer and sellers of a particular good or service

• Supply

• Demand

• Market

Multiple Choice

This part of the market determines DEMAND

• buyers (consumers)

• sellers

• suppliers

Multiple Choice

When quantity supplied and quantity demanded is equal

• surplus

• shortage

• equilibrium

Multiple Choice

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up

• it goes down

• it stays the same

Multiple Choice

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up

• it goes down

• it stays the same

Multiple Choice

What does this curve represent?

• demand

• supply

Multiple Choice

What does this curve represent?

• supply

• demand

Multiple Choice

a person or company that makes, grows, or supplies goods to sell is called the?

• demand

• price

• producer

Multiple Choice

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

• The price will go up.
• The price will go down.

Multiple Choice

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

• The price will go up.
• The price will go down.

Multiple Choice

If productivity increases, we can predict that supply will

• increase

• decrease

Open Ended

One example of technology leading to an increase in productivity is...

Multiple Choice

President Biden is planning to ban oil and gas drilling on federal lands in a reversal of Trump era environmental deregulations. What can we predict will happen to US oil and gas supplies?

• Oil and gas supplies will increase

• Oil and gas supplies will decrease

Open Ended

Similar to Halloween costumes every October and turkeys every November, an example of producers expecting future demand is....

Multiple Choice

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

• The price will go up.
• The price will go down.

Multiple Choice

In downtown Allen Park, the amount of coffee shops triples over the summer of 2021. We can predict an_______ in the supply of coffee.

• increase

• decrease