Supply Quiz 2

The amounts of goods and services that businesses are willing and able to produce at different prices

during a certain periods of time.

• Demand

• Supply

• Shifters of supply

• Law of Supply

The willingness and ability of businesses to sell more when price rises and less when it drops.

• Demand

• Supply

• Shifters of Supply

• Law of Supply

Movement along a supply curve because of a price change.

• Change in supply

• Change in quantity supplied

• Increase in Supply

• Supply

The nonprice variables that can change supply, such as production cost and future expectations.

• Change in Quantity Supplied

• Supply

• Determinants of supply

• Shift

In the changes in quantity supplied quantity depends on:

• Price

• Law of Supply

• Resources prices

• None of the Above

As a producer of a good or service, when prices rise

• You would tend to produce less due to the cost of production

• You would tend to produce more to gain more of a profit

• You would tend to produce about the same as to reduce inventory

• You would produce as much as possible regardless of price