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

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.

Amount that producers bring to the market at any given time

• quantity supplied

• supply curve

• quantity demanded

• production

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)

when prices decrease, quantity supplied...

• decreases

• increases

• stays the same

when prices increase, quantity....

• decreases

• increases

• stays the same