Unit 4 Review

As the price of a good or service increases, the supply for that item will also increase and vice-versa.

• Law of Supply`

• Law of Demand

• Law of Economics

• Law of Miss. Anderson

The 'law of supply' suggests that

• Price and quantity supplied are directly related

• Supply will expand until market equilibrium is reached

• Movements along the supply curve are caused by a price fall

This part of the market determines SUPPLY

• Buyers/Consumers

• Sellers/Producers

• Consumers

• Us

The movement from Point A to Point B represents a(n)

• Increase in the price.

• Decrease in the quantity supplied.

• Shift in the supply curve.

Which of the following would NOT shift the supply curve for iphones?

• An increase in the price of iphones

• A decrease in the number of sellers of iphone

• An increase in the price of plastic, an input into the production of iphones

• An improvement in the technology used to produce iphones

The amount of goods available at each price

• Quantity supply

• Demand

• Utility

• Equilibrium

A supply curve slopes:

• Upward
• Downward
• Vertical
• Not at All

The only thing that causes movement along a supply or demand curve:

• Price
• Quantity
• Climate
• Weather

A decrease in the price of a good will

• Increase supply.

• Do nothing

• Increase quantity supplied.

• Decrease quantity supplied.

Which graph below shows the SUPPLY CURVE?

• A
• B
• C
• D