1S.2324.SOCSCI 4.008.SUPPLY CHANGE

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When there is an increase in the price of a good and the quantity supplied also increases, this demonstrates

• A movement along the supply curve
• A shift in the supply curve
• A change in demand
• None of the above

If the cost of raw materials used in production decreases, what is the likely effect on the supply of the final product?

• Increase in supply
• Decrease in supply
• No change in supply
• Indeterminate

What term describes a change in the quantity supplied due to a change in the market price of a good?

• Movement along the supply curve
• Shift in the supply curve
• Change in demand
• Equilibrium

If there is an increase in the number of suppliers in an industry, what is the likely effect on the overall supply of the good?

• Increase in supply
• Decrease in supply
• No change in supply
• Indeterminate

Which factor is most likely to lead to a shift in the entire supply curve?

• Technological advancement
• Change in market price
• Change in consumer preferences
• Change in quantity supplied