LAW OF SUPPLY QUICK CHECK

Which graph shows the supply curve

• A

• B

• C

• D

What does this curve represent?

• equilibrium

• shortage

• supply

• demand

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

Which of the following is NOT a determinant of supply for corn crops?

• Technology

• Number of Sellers

• Number of Buyers

• Weather or Future Events

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

A shift to the right of the supply curve means...

• more will be supplied

• less will be supplied

• the same amount will be supplied

• none of these are correct

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

If the government imposes a tax on a business, the business will most likely

• Increase Supply

• Refuse to pay the tax

• Decrease Supply

• Do nothing with supply

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

• True

• False