Law of Supply

The Law of Supply states:

• as price increases, supply increases
• as prices decrease, supply increases
• as price increases, quantity demanded decreases
• as price decreases, quantity demanded decreases

Which graph below shows the SUPPLY CURVE?

• A

• B

• C

• D

What happens to a supply curve when supply goes down?

• moves left

• moves rights

• moves up

• moves down

The diagram represents a(n)

• increase in supply
• decrease in supply
• change in quantity supplied
• none of the above

On the market demand and supply graph, the vertical axis shows

• demand.
• equilibrium.
• prices.
• quantity.

On the demand and supply graph, the horizontal axis shows

• demand.
• equilibrium.
• prices.
• quantity.

The appearance of a supply curve is

• an upward slope, bottom left to top right.
• a downward slope, top left to bottom right.
• a horizontal line.
• a vertical line.

A supply schedule is related to a supply curve because

• the supply schedule shows the data from the supply curve in graphic form

• the supply curve shows the data from the supply schedule in graphic form

• the supply schedule shows the data from many supply curves

• the supply curve shows the data from many supply schedules

Supply is defined as

• the willingness and ability of consumers to purchase goods and services

• the willingness and ability of the government to offer protections to citizens

• the willingness and ability of producers to offer goods and services for sale

• the willingness and ability of laborers to work for producers for pay

Amount that producers bring to the market at any given time

• quantity supplied

• supply curve

• quantity demanded

• production