ECON Final Review

Which product is likely to have the most elastic supply curve?

• ice cream cones
• automobiles
• ships
• dishwashing machines 

The supply curve is?

• downward sloping 
• level
• upward sloping
• irregular 

Measure of the way in which quantity supplied responds to a change in price 

• supply curve
• supply elasticity 
• supply
• subsidy

The Law of Supply states that?

• The quantity supplied varies inversely with its price. 
• The quantity supplied varies irregularly with its price.
• The quantity demanded varies inversely with its price. 
• The quantity supplied varies directly with its price. 

A graph that shows the quantities supplied at each and every possible price in the market.

• supply curve
• supply schedule
• market supply curve
• Law of Supply

Amount of a product offered for sale at all possible prices in a market at a given point in time.

• Supply
• Law of Supply
• Supply Schedule
• Market Supply Cuve

A table showing the quantities produced or offered for sale at each and every possible price in the market at a given point in time.

• supply schedule
• demand schedule
• supply curve
• market supply curve

Responsiveness of quantity supplied to a change in price.

• supply elasticity
• supply inelasticity
• supply curve
• supply schedule

A graph that shows the quantities supplied at each and every possible price in the market.

• supply curve
• supply schedule
• market supply curve
• Law of Supply

Changes in price affect the quantity of supply. This is known as:

• negative returns

• supply curve

• elasticity of supply