the Law of Supply

The graph that shows how much of a product producers have available and at which price, is best called which of the following?

• demand curve

• supply curve

• law of supply and demand

• supply schedule

Which of the following is NOT necessary for supply to exist?

• Desire to sell a good or service

• Willingness to sell a good or service

• Competition to sell a good or service

• Ability to sell a good or service

If a fast-food restaurant creates a machine to speed up cooking times of French fries (which decreases costs of the goods), which of the following will most likely occur?

• supply will increase

• supply will decrease

• demand will increase

• demand will decrease

Which of the following is not a factor affecting the cost of a resource?

• productivity

• consumer demand

• technology

• changes in taxes

Relaxed government trade regulations allow producers to do which of the following?

• restrict supply

• produce fewer goods

• lower production costs

• subsidize production

In general, as more suppliers enter the industry, the greater the market supply, therefore

• prices will rise

• not all suppliers will survive

• prices will drop

• demand will definitely increase

According to the law of supply, suppliers will normally offer

• Less for sale at higher prices and more for sale at lower price

• More for sale at a higher prices and less for sale at lower prices

• The same amount for sale regardless of price

• The most they can produce at all times

In which of the following circumstances will a product be defined as having a supply of elasticity?

• The price changes and quality is affected

• The quantity changes and price is affected

• The quantity changes and price remains constant

• The price changes and quantity remains constant

What is the objective of every business owner?q

• to break even

• to lose money

• to earn a profit

• to help people who are less fortunate

What might happen to the supply of boomerangs if the producer can sell Frisbees at a higher price?

• the supply of boomerangs will increase

• the supply of Frisbees will decrease

• the supply of boomerangs will stay the same

• The supply of boomerangs will decrease