Unit 2.2 - The Law of Supply

Q1: The amount of product producers are willing to bring to the market at any price.

• quantity supplied

• total product

• theory of production

• law of supply

Q2: Suppliers will normally offer more for sale at high prices and less for sale at lower prices.

• quantity supplied

• law of supply

• total production

• short run

Q3: A decrease in the price of a good will ____.

• increase supply.

• decrease supply.

• increase quantity supplied.

• decrease quantity supplied.

Q4: Which way does a supply curve slope?

• down

• up

• both

• neither

Q5: Which graph below shows the SUPPLY CURVE?

• A

• B

• C

• D

Q6: Who determines determines Supply?

• Consumers

• Producers

• Buyers

• Us

Q7: The diagram represents a(n) ___.

• increase in supply.

• decrease in supply.

• no change in supply

Q8: How many cup holders are producers willing to supply at a price of $2.50?

• 3,000

• 4,000

• 5,000

• 7,000

Q9: The Law of Supply states:

• as price increases, supply increases.

• as prices decrease, supply increases.

Q10: How many cup holders are producers willing to supply at a price of $3.00?

• 3,000

• 4,000

• 5,000

• 7,000