Law of Supply Practice

A Supply Curve is most often shown with this slope on a graph.

• Positive

• Negative

• Horizontal

• Vertical

The Law of Supply is controlled by whom?

• Buyers

• Sellers

• Government

• Consumers

The Law of Supply says that as the price of a good increases then...

• more of that good will be produced

• less of that good will be produced

• more of that good will be demanded

• less of that good will be demanded

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

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

When prices rise, supply levels will also increase. If prices drop, supply will also fall.

• law of supply

• law of demand

• determinant of supply

• cost of production

The greater opportunity to make profit, the more incentive a company has to figure out how to make a profit.

• True

• False

Supply is _________________.

• How much consumers are willing to buy.

• How much a business is able and willing to make for sale to consumers

• The goods that are left over after a sale.

• All of the above.

For businesses, profit serves as _________.

• A discouragement to supply more of a good

• An incentive to supply more of a good.

• An encouragement to give products away for free

• None of the above.

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

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