2/27 Act. 1 Bell Ringer Supply Basics

What does the Law of Supply state?

• As the price decreases, the quantity supplied decreases.

• As the price increases, the quantity supplied decreases.

• As the price increases, the quantity supplied increases.

• There is no relationship between price and quantity supplied.

Which of the following is NOT a factor affecting supply?

• Technology

• Consumer preferences

• Cost of production

• Number of suppliers

What does a supply curve typically show?

• The relationship between supply and demand

• The relationship between price and quantity supplied

• The maximum price consumers are willing to pay

• The minimum price suppliers are willing to accept

What causes a movement along the supply curve?

• A change in the cost of production

• A change in the number of suppliers

• A change in technology

• A change in the price of the product

What does a rightward shift in the supply curve indicate?

• A decrease in supply

• An increase in supply

• A decrease in demand

• An increase in demand

Which factor would cause a shift in the supply curve to the left?

• An improvement in technology

• A decrease in the cost of raw materials

• An increase in taxes on the product

• An increase in the number of suppliers

How does an increase in the number of suppliers affect the supply curve?

• It causes a movement along the supply curve.

• It causes the supply curve to shift to the left.

• It causes the supply curve to shift to the right.

• It does not affect the supply curve.

What effect does a technological advancement typically have on the supply curve?

• It shifts the supply curve to the left.

• It shifts the supply curve to the right.

• It causes a movement along the supply curve.

• It has no effect on the supply curve.

If the cost of production increases, what is likely to happen to the supply curve?

• It will shift to the right, indicating an increase in supply.

• It will shift to the left, indicating a decrease in supply.

• It will cause a movement along the supply curve.

• It will remain unchanged.

Which of the following would NOT cause the supply curve to shift?

• A change in government policy affecting the product

• A change in the global economic climate

• A change in the price of the product

• A change in the availability of raw materials