Chapter 4 and 5 Quiz

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

A shift in a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

A decrease in the price of a good will

• increase supply.
• decrease supply.
• increase quantity supplied.
• decrease quantity supplied.

Which graph below shows the SUPPLY CURVE?

• A
• B
• C
• D

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

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

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

• 
• 
• 
• 

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us