Which of the following would not shift the supply curve for iphones?

an increase in the price of iphones

a decrease in the number of sellers of iphone

an increase in the price of plastic, an input into the production of iphones

an improvement in the technology used to produce iphones

Excess supply occurs when

the quantity supplied is greater than the quantity demanded.

the quantity demanded is more than the quantity supplied

the quanity demanded is the same as the quantity supplied.

the quantity supplied is less than the quantity demanded.

Excess demand occurs when

the quantity demanded is more than the quantity supplied.

the quantity demanded is the same as the quantity supplied.

the quantity supplied is more than the quantity demanded.

the quantity demanded is less than the quantity supplied.

All of the following indicate the law of supply EXCEPT

A pest company invests in new equipment in order to produce more efficiently and charge the same amount to their customers

Hayley's Coffee increases the number of sandwiches they supply every day when the people are willing to pay a higher price.

Mattel cut its production of Tickle Me Elmo after the holiday season of 1996 as a result of people’s non-willingness to pay the original price of $19.95

Microsoft increases the number of Xbox video consoles that they produce as people are willing to pay more for each unit

Which of these events would indicate a movement along a supply curve for batteries?

Battery manufacturers raise the price of eight AA batteries from $3.50 to $3.95 a set

Workers at a major battery factory go on strike and stop production

A new law requires battery manufacturers to spend more money on environmentally-sound trash disposal

A new trade agreement enables stores to import foreign batteries.

All of the following are true about prices in the free market EXCEPT

because of low prices, there is not a wide variety of goods in the marketplace

prices act as a language for buyers and sellers to communicate

prices act as signals, high prices are a green light for producers to produce

prices act as a signal, low prices are a green light for consumers to purchase

When the selling price of a good goes up, what is the relationship to the quantity supplied?

The supplier has the incentive to produce more goods.

The cost of production goes down.

The profit made on each item goes down.

There is no relationship between the two.

On which kinds of goods do governments generally place price ceilings?

those that are essential but too expensive for some consumers

those that are essential and cheap

those that are not necessary but have become customary

those that are cheap but could become more expensive without the ceiling

How are price ceilings and price floors similar?

Both bring about disequilibrium in the market.

Both involve the government's setting of a maximum price.

Both represent input changes that affect demand.

Both are examples of government price supports.

How does a minimum wage above the equilibrium rate affect the labor market?

It leads to an excess supply of labor.

It leads to a higher equilibrium wage for labor.

It leads to a lower equilibrium wage for labor.

It leads to a decreased supply of labor.

Which of the following describes a way that the minimum wage and rent control are similar?

Both involve government intervention in the marketplace.

Both involve the profit incentive at work in the marketplace.

According to this graph, there will be

lines of people waiting to buy wheat.

In response to rising car traffic, demand for bicycles has increased. The new equilibrium point will show

more bicycles sold, but at a higher price.

fewer bicycles sold, but at a higher price.

more bicycles sold, but at a lower price.

fewer bicycles sold, but at a higher price.

A wildfire has put a major lumber producer out of business. How might an economist show one consequence of this in a graph?

a supply curve that has shifted to the left

a supply curve that has shifted to the right

a demand curve that has shifted to the right

a demand curve that has shifted to the left

Which of the following is generally true after a shift in supply or demand?

Equilibrium is gradually restored.

Supply rises along with demand.

Equilibrium price moves down the demand curve.

Which of the following signals does the image below give to consumers?

You seem to be getting a good price on this product.

You can earn high profits by producing more of this product.

Think carefully; the price of this product is rising.

Demand for this product is increasing.

The law of supply declares which of the following?

Supply increases as price falls.

Supply stays the same no matter how prices change.

Supply falls as prices increase.

How does a price ceiling affect the quantity demanded and the quantity supplied?

It leads to an increase in quantity demanded and a decrease in quantity supplied.

It leads to a decrease in quantity demanded and a decrease in quantity supplied.

It leads to a decrease in quantity demanded and an increase in quantity supplied.

It leads to an increase in quantity demanded and an increase in quantity supplied.

What role does the profit incentive play when there is a surplus of a good?

It encourages producers to lower their prices.

It encourages consumers to demand more of the good.

It encourages consumers to pay more for the good.

It encourages producers to raise their prices.

5 Million More Chickens Put Down Due to Bird Flu: Egg Prices Expected to Double For a consumer who loves eggs but has a limited budget, what is the headline above likely to trigger?

income effect leading to lower demand for eggs

supply shock leading to higher consumption of eggs

law of demand leading to lower prices for all goods

market equilibrum leading to stable prices for eggs

How would a new government subsidy for rice farmers affect the market for rice?

It would increase the supply by decreasing rice farmers' production costs.

It would increase the supply by increasing the demand for rice.

It would decrease the supply by increasing rice farmers' production costs.

It would decrease the supply by encouraging farmers to grow another grain.

In response to rising car traffic, demand for bicycles has increased. The new equilibrum point will show

more bicycles sold, but at a higher price

fewer bicycles sold, but at a higher price.

more bicycles sold, but at a lower price.

fewer bicycles sold, but at a higher prace

Topic 4: Supply and Prices

Authored by Lori Lipsey

Social Studies

12th Grade

Used 17+ times

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46 questions

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A decrease in the price of a good will

increase supply.

decrease supply.

increase quantity supplied.

decrease quantity supplied.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The supply curve slopes

downward, indicating that when less money is offered the suppliers are willing to produce more

upward, indicating that when prices are high the suppliers are willing to produce more

upward, indicating that when prices are low suppliers are willing to produce more

downward, indicating that when prices are low suppliers are willing to produce less

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which graph below shows the SUPPLY CURVE?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This part of the market determines SUPPLY

buyers

sellers

consumers

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The diagram represents a(n)

increase in supply

decrease in supply

change in quantity supplied

none of the above

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Based on the law of supply, we can assert that there is a(n) __________ relationship between supply and price.

inverse.negative

direct/positive

indirect

opposite

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The movement from Point A to Point B represents a(n)

increase in the price.

decrease in the quantity supplied.

shift in the supply curve.

Both Orange and Blue are correct.

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