Supply & Market Equilibrium

"holding all else equal, when the price of a good rises, suppliers increase their quantity supplied for that good"

• law of supply

• law of demand

• law of equilibrium

• opportunity cost

The table summarizing quantity supplied at several prices is known as the

• demand schedule

• supply schedule

• supply curve

• equilibrium point

Values of the supply schedule are shown graphically in the

• supply schedule

• equilibrium point

• demand curve

• supply curve

An increase in supply causes the supply curve to shift to the

• right

• left

• no change

A decrease in supply causes the supply curve to shift to the right.

• true

• false

If the cost of one aspect of a good decreases, it becomes cheaper to produce that good, and producers increase supply.

• true

• false

A technological improvement usually leads to a decrease in supply.

• true

• false

A per-unit tax almost always leads to a decrease in supply.

• true

• false

A government subsidy will usually cause supply to

• increase

• decrease

• not change

If producers of lemonade expect a heatwave next week, today their supply of lemonade will

• increase

• decrease

• stay the same