Supply

A decrease in the price of a good will

• increase supply.

• decrease supply.

• increase quantity supplied.

• decrease quantity supplied.

Which way does a supply curve slope?

• down

• up

• both

• neither

Which graph below shows the SUPPLY CURVE?

• A

• B

• C

• D

The diagram represents a(n)

• increase in supply

• decrease in supply

• change in quantity supplied

• none of the above

The Law of Supply states:

• as price increases, supply increases

• as prices decrease, supply increases

What happened to a supply curve when supply goes down?

• moves left

• moves rights

• moves up

• moves down

When the demand for a product or service is higher than the supply this causes what?

• shortage

• consumer

• surplus

• equilibrium

When there is a shortage the price will usually?

• rise

• fall

• remain the same

• equilibrium

When producers offer more of a good as its price increases and less as its price falls, this defines the

• law of demand

• law of supply

• change in demand

• change in supply

Movement along a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand