Supply and Law of Supply

When producers offer more of a good as its price increases and less as its price falls, this defines the

• law of demand

• law of supply

• change in demand

• change in supply

The willingness and ability of a producer to make a product is referred to as

• quantity supplied

• quantity demanded

• supply

• demand

Movement along a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

Which of these demonstrates an example of a supply curve? (More than one answer)

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Which of the following supply curves demonstrates a decrease in the quantity supplied?

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A decrease in supply is demonstrated by which of the following?

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A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

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The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

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A popular musical act announces a concert at a 10,000 seat venue. Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered. What concept does this demonstrate?

• elastic supply

• inelastic supply

• change in supply

• change in quantity supplied

Which of the following is NOT one of the determinants of supply?

• Change in cost of production/resources

• Change in number of sellers

• Substitutes

• Change in technology