Law of Supply

Supply is...

• The willingness and ability of CONSUMERS to offer goods and services

• The willingness and ability of PRODUCERS to offer goods and services

• The quantity of a good that consumers are willing and able to purchase

if the number of suppliers of an item increase, then supply will

• stay the same

• decrease

• increase

In a competitive market, if the price of another item suppliers produce increase, the the supply of the original item will

• increase

• decrease

• stay the same

"A level of production in which marginal product of labor increases as the numbers of workers increase"

Refers to:

• increasing returns

• marginal product

• marginal costs

• variable costs

the additional income from producing one more unit of good is

• marginal product

• marginal cost

• input cost

• increasing returns

If suppliers expect that prices of an the item will increase in the future, the supply will

• increase

• decrease

• stay the same

If the price of Samsung tablets fall, there will be...(two correct answers)

• an increase in demand for iPads

• an increase in demand for Samsung

• an increase in supply for Samsung

• an increase in supply for iPads

How would an increase in steel prices affect the supply of cars in the US?

• the demand would increase

• increase in supply

• supply would remain the same

• decrease in supply

how would good weather conditions affect the supply of apples?

• Increase in supply

• supply would stay the same

• the supply would decrease

• more pie! (not the answer)

if environmental conditions for the item decline, supply will

• increase

• decrease

• stay the same