Supply and Law of Supply

Law of Supply

by Kendrick Broadus

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Open Ended

According to the video, how does supply and demand work?

Multiple Choice

An increase in competition will lead to a ______________.

• Decrease in Supply

• Increase in Supply

• No Change in Supply

• All of the Above

Multiple Choice

Which of the following is NOT a determinant of supply for corn crops?

• Technology

• Number of Sellers

• Number of Buyers

• Weather or Future Events

Multiple Choice

Producers will supply ____ of a good if it can be sold a higher price.

• less

• more

• the same amount

Multiple Choice

If producers are expecting a drop in prices for they products that they sell, they will...

• supply more

• supply less

• supply the same amount

Multiple Choice

When products can have their supply negatively impacted by another that shares the same resources, that is known as...

• competitive supply

• joint supply

• profitable supply

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

Law of supply is thinking from the point of view of

• Consumer

• Producer

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

Multiple Choice

Just like demand, the law of supply is looking at how price affects

• Quantity

• Feelings

• Appearance

• Price

Multiple Choice

Which shows an increase in supply at each and every price point

Multiple Choice

New computer program makes production easier.

• Movement along the line

Multiple Choice

Why would a new computer program increase supply at each price point

• Change in technology used in production

• Change in the cost of factors of production

• Change in the number of producers

• Change in government policy

• Change in producer’s expectations

Multiple Choice

Ford opens two new factories. What happens to the supply of Ford cars

• Movement along the line

Multiple Choice

Why would new factories increase the supply of vehicles

• Change in technology used in production

• Change in the cost of factors of production

• Change in the number of producers

• Change in government policy

• Change in producer’s expectations

Multiple Choice

Government adds a sugar tax onto soft drinks, supply of soft drink

• Movement along the line

Multiple Choice

Why would a tax decrease supply

• Change in technology used in production

• Change in the cost of factors of production

• Change in the number of producers

• Change in government policy

• Change in producer’s expectations

Multiple Choice

Cost of eggs decrease, what happens to the supply of cakes

• Movement along the line

Multiple Choice

Why would eggs being cheaper increase the supply of cakes at each price point

• Change in technology used in production

• Change in the cost of factors of production

• Change in the number of producers

• Change in government policy

• Change in producer’s expectations

Multiple Choice

Price of oil is expected to be higher next year, what happens to the supply of oil today

• Movement along the line

Multiple Choice

Why would oil prices being higher next year decrease oil supply today

• Change in technology used in production

• Change in the cost of factors of production

• Change in the number of producers

• Change in government policy

• Change in producer’s expectations