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Supply Quiz

Authored by Nicholas Covington

Social Studies

10th - 12th Grade

Used 123+ times

Supply Quiz
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11 questions

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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

Media Image

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

Media Image

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

Media Image

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

Media Image

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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