Supply Lesson 4

Unit Elastic Supply-

Multiple Choice

If the price of leather rose dramatically for the boots in Figure 5.15, how might this affect elasticity of supply?

• The Supply of boots would stay the same

• The Supply of boots would not change very much

• The Supply of boots would change very much

• there is no relationship between supply and price

Multiple Choice

Is the supply of genuine antique furniture elastic or inelastic?

• Elastic
• Inelastic

Multiple Choice

What two requirements of supply must someone meet to be considered a producer?

• Desire and Ability

• Forethought and Strength

• Development and Resources

• Money and Power

Open Ended

What does it mean to say that quantity supplied and price have a direct relationship?

Multiple Choice

What is the relationship of total costs to profit?

• There is no relationship

• total costs are not that high

• profits are the money left over after expenses are subtracted from total cost

Open Ended

How do input costs affect supply?

Multiple Choice

How is the price of gasoline related to the price of crude oil?

• Gasoline and crude oil are indirectly related

• They are not related

• Gasoline and crude oil are directly related

• Gas and crude oil are inversely related

Open Ended

A city puts a new rule into effect about the kinds of beverages that may be sold in schools. Sugary sodas must be replaced by bottled water, fruit juices, and sports drinks. How will this decision affect the supply of each category of beverage at the schools? What factor that affects supply is demonstrated in this situation?

Multiple Select

Was the Super Bowl Halftime show good?

• yes

• no

• I didn't watch it