Law of Supply

In law of Demand, consumers will demand more of a product as its price

________, and less of a product as its price _________.

(a)  

In law of Supply, producers will supply more of a product as its price

__________, and less of a product as its price __________.

• Increases, decreases

• Decreases, increases

• falls, rises

• remains the same

How would a change in Quantity Supply be represented on a graph?

• Shift the entire supply curve up

• Shift the entire curve down

• Rotate the supply curve

• Move along (slide) the supply curve

How would a change in Supply be represented on a graph?

• Rotating the supply curve

• Slide or moving along the supply curve

• Flipping the supply curve

• Shifting the supply curve to the left or right

If the production of cost decreases or technology improves, how will the supply be affected?

• Increase

• Decline

• Decrease

• remain constant

If sellers leave the market or opportunities in different

markets are good, how will the supply be affected?

• Rise

• Increase

• Decrease

• Grow

In law of supply, if the prices of products rise, then sellers will __________ the supply

• decrease

• maintain

• withdraw

• increase

If suppliers expect goods to come or experience favorable natural events, then supply will (a)