Law of Supply

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

The willingness and ability of a producer to make a product is referred to as

• quantity supplied

• quantity demanded

• supply

• demand

Movement along a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

A shift in a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

Which of these demonstrates an example of a supply curve? (More than one answer)

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Which of the following supply curves demonstrates a decrease in the quantity supplied?

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A decrease in supply is demonstrated by which of the following?

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A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

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What is the law of supply?

• The lower the price, the larger the quantity produced.

• A smaller the quantity will be produced because the price is higher.

• The lower the price, the smaller the quantity produced.

• Price doesn’t affect the manufacturers production of a good.

What might cause the supply curve to shift left?

• price of a complementary good decreases

• large number of producers enter the market

• computer processing improves production

• a new law is passed requiring all new motorcycles to have back-up cameras