LS5 Supply Review
Authored by Charles Sempkowski
Social Studies
12th Grade
Used 6+ times
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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between price and quantity supplied according to the law of supply?
They are inversely related.
They are directly related.
They are unrelated.
They are indirectly related.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the producer in a market system?
To regulate the market.
To supply goods and services.
To demand goods and services.
To set prices for goods and services.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between price and quantity supplied on a supply schedule?
They are inversely related.
They are directly related.
They are unrelated.
They are indirectly related.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a change in supply and a change in quantity supplied?
A change in supply and a change in quantity supplied both shift the entire supply curve.
A change in supply only moves along the curve, while a change in quantity supplied shifts the entire supply curve.
A change in supply and a change in quantity supplied both move along the curve.
A change in supply shifts the entire supply curve, while a change in quantity supplied only moves along the curve.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between price and quantity supplied on a supply curve?
They are inversely related.
They are directly related.
They are unrelated.
They are indirectly related.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of supply?
The amount of goods and services that are available at various prices within the marketplace.
The amount of goods and services that consumers are willing and able to purchase at various prices.
The amount of goods and services that producers are willing and able to purchase at various prices.
The amount of goods and services that are available at a fixed price within the marketplace.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the producer in determining the quantity supplied?
To decide how much to offer for sale and at what price.
To set the price of the product.
To determine the demand for the product.
To regulate the market.
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