Supply Quiz

Quiz
•
Social Studies
•
10th - 12th Grade
•
Medium
Nicholas Covington
Used 121+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which best represents the "law of supply"?
The amount of goods available
Producers offer more of a good at a higher price
Producers offer more of a good at a lower price
Consumers want more of a good when the price is low
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This image represents:
The law of demand
The law of supply
A supply schedule
An increase in quantity demanded
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This image represents a(n):
supply schedule
demand schedule
demand curve
supply curve
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does quantity supplied increase as price rises?
Existing firms produce more AND new firms enter the market
Existing firms produce less AND firms exit the market
The supply curve shifts to the left
Existing firms produce less AND new firms enter the market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of supply, the relationship between price and quantity supplied is:
Direct
Inverse
Not correlated
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This graph represents a(n):
Increase in quantity supplied
Increase in supply
Decrease in quantity supplied
Increase in quantity demanded
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The movement seen in this curve would best be described as:
An increase in price led to increased quantity supplied
An increase in price led to a decrease in quantity demanded
A decrease in price led to an increase in quantity demanded
A decrease in price led to decreased quantity supplied
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