Theory Of Supply

What is quantity of a good or service that producers sell at a market price?

• supply
• demand
• law of demand
• law of supply

Which is not a cause for supply to change?

• subsidy
• government regulations
• taste
• competition

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

• the cost of production goes up
• the profit made on each item goes up
• it becomes practical to produce more goods
• there is no relationship between the two

What happened to a supply curve when supply goes down?

• moves left
• moves rights
• moves up
• moves down

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

In general, if the price of a good or service goes up, what happens to the supply for that good or service?

• supply goes up
• supply goes down
• supply stays the same
• none of  the above

The diagram represents a(n)

• increase in supply
• decrease in supply
• change in quantity supplied
• none of the above

If a new, huge oil reservoir was found in Ohio, this would cause the ___________ curve for oil and gas to shift ____________.

• demand.........right
• demand.........left
• supply.......right
• supply....... left

More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?

• they decrease (curve shifts left)
• they increase (curve shifts right)
• they stay the same (the curve stays)

Amount that producers bring to the market at any given price 

• supply 
• quantity  supplied 
• supply curve 
• supply elasticity