Supply Notes

Multiple Choice

The law of supply what happens when prices go up?

• The quantity supplied becomes zero.
• The quantity supplied increases.
• The quantity supplied remains the same.
• The quantity supplied decreases.

Multiple Choice

In the law of supply what happens when prices fall?

• The quantity supplied decreases.
• The quantity supplied remains the same.
• The quantity supplied fluctuates wildly.
• The quantity supplied increases.

Multiple Choice

Which of the following do you think would be Elastic in supply?

• Chickens

• Diamonds

• Oil

• Clothes

Multiple Choice

Give an example of an Inelastic supply product

• Chips

• Oil
• Clothing
• Shoes

Open Ended

Describe how something can change supply

Open Ended

How does scarcity relate to supply?