Changes in Supply Curves

Quiz
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Other
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11th Grade
•
Medium
josie Smith
Used 14+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a shift in the supply curve?
A shift in the supply curve refers to a change in the price of the goods or services.
A shift in the supply curve refers to a change in the demand for the goods or services.
A shift in the supply curve refers to a change in the quantity supplied at every price level.
A shift in the supply curve refers to a change in the quantity demanded at every price level.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors that can cause a shift in the supply curve?
Changes in demand, changes in consumer income, changes in consumer preferences
Changes in the weather, changes in exchange rates, changes in interest rates
Changes in population, changes in inflation rates, changes in government spending
Changes in production costs, changes in technology, changes in the number of suppliers, changes in government regulations, and changes in expectations about future prices.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of an increase in supply.
An increase in supply refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level increases.
An increase in supply refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level remains constant.
An increase in supply refers to a situation where the quantity of a good or service that consumers are willing and able to buy at a given price level increases.
An increase in supply refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level decreases.
4.
DROPDOWN QUESTION
30 sec • 1 pt
Explain the concept of a decrease in supply: A decrease in supply refers to a situation where the quantity of a good or service that (a) are willing and able to (b) at a given price level decreases.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a change in production costs affect the supply curve?
A change in production costs affects the supply curve by shifting it.
A change in production costs affects the demand curve instead of the supply curve.
A change in production costs has no effect on the supply curve.
A change in production costs causes the supply curve to become steeper.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a movement along the supply curve and a shift in the supply curve?
A movement along the supply curve is caused by a change in quantity demanded, while a shift in the supply curve is caused by a change in demand.
A movement along the supply curve is caused by a change in demand, while a shift in the supply curve is caused by a change in quantity supplied.
A movement along the supply curve is caused by a change in quantity supplied, while a shift in the supply curve is caused by a change in quantity demanded.
A movement along the supply curve is caused by a change in price, while a shift in the supply curve is caused by factors other than price.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Give an example of a factor that can cause a rightward shift in the supply curve.
Decrease in taxes
Decrease in consumer demand
Increase in the cost of production
Increase in wages
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