Law of Supply

When producers offer fewer products for sale at the same prices

• Supply curve shifts right

• Supply curve shifts left

• They expect subsidies

• The price per unit has decrease

the amount of product producers are willing to bring to the market at any price.

• quantity supplied

• total product

• theory of production

• law of supply

Suppliers will normally offer more for sale at high prices and less for sale at lower prices

• Quantity supplied

• Law of Supply

• total production

• short run

The Law of Supply is controlled by whom?

• Buyers

• Sellers

• Government

• Consumers

Which of the following is NOT a determinant of supply for corn crops?

• Technology

• Number of Sellers

• Number of Buyers

• Weather or Future Events

Which of the following does NOT shift supply?

• change in the number of sellers

• change in price of the product

• change in technology

• change in production costs

What is an example of a production cost for Delta Airlines that would shift supply to the right?

• Pilots get a pay raise

• Fuel costs increase

• More fuel efficient planes

• Food prices increase

A shift to the right of the supply curve means...

• more will be supplied

• less will be supplied

• the same amount will be supplied

• none of these are correct

The Law of Supply says that as the price of a good increases then...

• more of that good will be produced

• less of that good will be produced

• more of that good will be demanded

• less of that good will be demanded

Which of the following will cause a shift to the left in the supply of apples?

• widespread early frost that damages apple trees

• a new fertilizer that is used for growing apples

• a tax incentive given by the government to apple growers

• more farmers deciding to plant apple trees