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Law of Supply

Authored by Joel Plantinga

Social Studies

12th Grade

15 Questions

Used 223+ times

Law of Supply
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For the law of supply, the relationship between price and quantity supplied is...

Inverse

Direct

Unaffected

Indirect

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supply refers to the __________ and ________ to produce and offer to sell different quantities of a good at different prices during a specific time period.

willingness, efficiency

willingness, ability

efficiency, ability

system, ability

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A vertical supply curve represents a good that is...

perfectly inelastic in supply
elastic in supply
inelastic in supply
perfectly elastic in supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sum of all firm supply curves is represented by the:

Manufacturing supply curve

Aggregate manufacturing curve

Market supply curve

Added supply curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which would NOT shift a supply curve to the right?

A producer finds a cheaper resource used to make the good

A producer discovers new technology that lowers per-unit cost of the good

A producer is given a tax cut on the given good

A producer is told that the government is removing a subsidy for the good

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A legal limit on the number of units of an import that can enter the country:

subsidy

quota

tariff

embargo

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A financial government payment by government to promote certain actions:

quota

embargo

tariff

subsidy

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