2ndQT Review_SUPPLY_Social Studies 9

The change in the supply curves shown from one point to another is caused by price increase. The curve is known as____.

• shift on supply

• movement along the curve

• changes in supply

• shift of supply curve to the right

The movement along the supply curve shows the changes in supply caused by one factor of demand while other things remain constant. Which factor affects the supply?

• cost

• price

• subsidy

• technology

Which of the following describes the supply function?

• 69-2P

• -26+2P

• -21-3P

• 0-10P

Our country is often hit by strong typhoons, causing damage to agricultural products. What will be its effect to the supply of agricultural products?

• supply will increase

• supply will decrease

• supply will be delayed

• supply will not be affected

There are many suppliers and combined products are being sold in the market. This is called ______.

• supply schedule

• supply

• market supply

• aggregate supply

Supply and price are positively related. As price increases, supply increases and if the price decreases, supply also decreases while other things remain constant. This is stated in the ___________________.

• Law of Demand

• Law of Consumption

• Law of Supply

• Law of Diminishing Returns

What are the factors that can affect the supply of a product?

• Factors that can affect the supply of a product include changes in production costs, technology, government policies, and natural disasters.

• Consumer preferences

• Weather patterns

• Currency exchange rates

What are some examples of goods with inelastic supply?

• Examples of goods with inelastic supply include prescription medications, rare antiques, and specialized medical equipment.

• Mass-produced clothing

• Common household items

• Everyday groceries

How does technology impact the supply of goods and services?

• Technology can increase the efficiency of production, distribution, and delivery of goods and services, leading to an increase in supply and potentially lower prices for consumers.

• Technology decreases the efficiency of production, distribution, and delivery of goods and services

• Technology has no impact on the supply of goods and services

• Technology only impacts the demand for goods and services

Explain the concept of supply curve.

• The supply curve is a straight line that represents the quantity of a good that producers are willing to supply at any given price.

• The supply curve shows the relationship between the price of a good and the demand for that good.

• The supply curve is a graphical representation of the relationship between the price of a good and the quantity supplied by producers. It shows that as the price of a good increases, the quantity supplied also increases, and vice versa.

• The supply curve only applies to goods that are in high demand and have limited availability.