Law of Supply

What does the law of supply state?

• If the price goes down, the quantity supplied goes down

• If the price goes up, the quantity supplied goes up

• If the price goes down, the quantity supplied goes up

• If the price goes up, the quantity supplied goes down

When talking about a particular quantity supplied, what term should be used?

• Quantity Demanded

• Demand

• Quantity Supplied

• Supply

What is the relationship shown in the supply schedule?

• Price and Demand

• Price and Supply

• Price and Quantity Demanded

• Price and Quantity Supplied

In Scenario A, at a price of $1 per pound, how many pounds of grapes are produced?

• 500

• 1000

• 1500

• 2000

In Scenario B, at a price of $2 per pound, how many pounds of grapes are produced?

• 1500

• 2000

• 2500

• 3000

In Scenario C, at a price of $3 per pound, how many pounds of grapes are produced?

• 2000

• 2500

• 3000

• 3500

In Scenario D, at a price of $4 per pound, how many pounds of grapes are produced?

• 2500

• 3250

• 3000

• 2750

What is the minimum price needed to start producing grapes?

• $0.50

• $0.25

• $0.75

• $1.00

What is represented on the vertical axis of the supply curve?

• Price per Pound and Quantity Produced

• Price per Pound

• Time Period

• Quantity Produced

What is represented on the horizontal axis of the supply curve?

• Price per Pound and Quantity Produced

• Price per Pound

• Quantity Produced

• Time Period