Chapter 5 Quiz Economics

The amount of a product offered for sale at all possible prices that could prevail in the market

• Supply

• Total product

• Demand

• Revenue

Amount producers bring to the market at any given price

• Quantity supplied

• Supply elasticity

• Subsidy

• Quantity demanded

A graph showing the various quantities supplied at each and every price that could prevail in the market

• Supply curve

• Supply schedule

• Quantity supplied

• Supply elasticity

Measure of the way in which quantity supplied responds to a change in price

• Supply elasticity

• Marginal cost

• Total product

• Supply curve

A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity

• Subsidy

• Tax

• Supply

• E-Commerce

The Law of Supply states...

• The quantity supplied varies inversely with its price

• The quantity supplied varies irregularly with its price

• The quantity demanded varies inversely with its price

• The quantity supplied varies directly with its price

Which of the following an cause an increase in supply?

• A decrease in productivity

• A decrease in the cost of inputs

• An increase in taxes

• Fewer sellers in the marketplace

Which product is likely to have the most elastic supply curve (which will have a large change in how much people buy if price changes a lot)?

• Ice cream cones

• Automobiles

• Ships

• Dishwashing machines

The supply curve is...

• Downward sloping

• Backward sloping

• Upward sloping

• Irregular

Increased government regulations can cause the supply curve to

• Shift to the left

• Shift to the right

• Increase

• Decrease