1S.2324.SOCSCI 4.007.SUPPLY

Email Address:

Student Name (LAST, FIRST MI.):

Student Number:

GE 8, Section____:

Contact Number:

What is a supply schedule?

• A graphical representation of supply and demand
• A tabular representation of the quantity supplied at various price levels
• The relationship between price and quantity demanded
• The total amount of a good available in the market

What does a supply curve illustrate?

• The relationship between price and quantity supplied
• The relationship between price and quantity demanded
• The relationship between cost and profit
• The relationship between demand and consumer preferences

According to the Law of Supply, what happens when the price of a good increases?

• Quantity supplied decreases
• Quantity supplied remains unchanged
• Quantity supplied increases
• Quantity supplied becomes unpredictable

If all other factors remain constant, what is the typical shape of a supply curve?

• Downward sloping
• Upward sloping
• Horizontal
• Vertical

What is assumed to be constant when applying the Law of Supply?

• Price
• Production costs and other factors
• Consumer preferences
• Market demand