Supply

The willingness and ability of a producer to make a product is referred to as

• quantity supplied

• quantity demanded

• supply

• demand

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

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

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A decrease in the price of a good will

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

Which way does a supply curve slope?

• downwards

• upwards

• straight across horizontally

• straight across vertically

This part of the market determines SUPPLY in a free enterprise system

• buyers
• producers

• consumers
• the government

The Law of Supply states:

• as price increases, supply increases
• as prices decrease, supply increases

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

• Change in cost of production
• Changes in number of producers
• Changes in expectations

Which of the following leads to a decrease in supply?

• an increase in the cost of raw materials

• diminishing marginal returns

• a decrease in the cost of raw materials

• a change in the law of supply

Which of these do the producers of an item hope to achieve when adopting new technology?

• a shift to the supply curve for that product to the left

• a repeal of the subsidy for that product

• inelasticity of supply for that item

• a shift to the supply curve for that product to the right