Level 2B - Law of Supply

A Supply Curve is most often shown with this slope on a graph.

• Positive

• Negative

• Horizontal

• Vertical

The Law of Supply is controlled by whom?

• Buyers

• Sellers

• Government

• Consumers

Which of the following is NOT a determinant of supply for corn crops?

• Technology

• Number of Sellers

• Number of Buyers

• Weather or Future Events

Which of the following does NOT shift supply?

• change in the number of sellers

• change in price of the product

• change in technology

• change in production costs

What is an example of a production cost for Delta Airlines that would shift supply to the right?

• Pilots get a pay raise

• Fuel costs increase

• More fuel efficient planes

• Food prices increase

What is an example of vertical supply?

• 1972 Corvettes

• Cars produced this year

• Wheat grown this year

• Copies of economics textbook

A shift to the right of the supply curve means...

• more will be supplied

• less will be supplied

• the same amount will be supplied

• none of these are correct

How many determinants of supply are there that we learned about in our notes?

• 2

• 7

• 3

• 5

The Law of Supply says that as the price of a good increases then...

• more of that good will be produced

• less of that good will be produced

• more of that good will be demanded

• less of that good will be demanded

Which of the following will cause a shift to the left in the supply of apples?

• widespread early frost that damages apple trees

• a new fertilizer that is used for growing apples

• a tax incentive given by the government to apple growers

• more farmers deciding to plant apple trees