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

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

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Which way does a supply curve slope?

• down
• up
• both
• neither

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

Which of the following leads to an increase in supply?

• Gallery Furniture will raise prices on all wood furniture

• six new companies begin producing smart phones

• price of a complementary good goes down

• increased cyclical employment

If I make Jordans for $50 and sell them for $100. I will make $50. This is an example of...

• quantity supplied

• demand

• supply

• profit

When the gov't pays money to businesses, usually to encourage them to produce a certain product..

• taxes

• regulations

• competition

• subsidies

Businesses pay the gov't, which helps pay for gov't services- but can lead to higher prices for their products

• subsidies

• cost of production

• regulations

• taxes

The cost of production includes the price of resources. If resources become more expensive, what will happen to supply levels?

• increase

• decrease

• remain the same

• come to a complete stop