Theory of Supply

What happened to a supply curve when supply goes down?

• moves left
• moves rights
• moves up
• moves down

What is quantity of a good or service that producers sell at a market price?

• supply
• demand
• law of demand
• law of supply

Which is not a cause for supply to change?

• subsidy
• government regulations
• taste
• competition

Which way does a supply curve slope?

• down
• up
• both
• neither

a measure of the way a quantity supplied reacts to a change in price

• elasticity of supply
• supply
• elasticity of demand
• profit

When the selling price of a good goes up, what is the relationship to the quantity supplied? 

• the cost of production goes up
• the profit made on each item goes up
• it becomes practical to produce more goods
• there is no relationship between the two

What happened to a supply curve when supply goes down?

• moves left
• moves rights
• moves up
• moves down

Which graph below shows the SUPPLY CURVE?

• A
• B
• C
• D

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

In general, if the price of a good or service goes up, what happens to the supply for that good or service?

• supply goes up
• supply goes down
• supply stays the same
• none of  the above