Lesson 3 and 4 | SUPPLY | Review

A decrease in the price of a good will

• increase supply.
• decrease supply.
• increase quantity supplied.
• decrease quantity supplied.

Which way does a supply curve slope?

• down
• up
• both
• neither

Which graph below shows the SUPPLY CURVE?

• A
• B
• C
• D

The diagram represents a(n)

• increase in supply
• decrease in supply
• change in quantity supplied
• none of the above

How many cup holders are producers willing to supply at a price of $2.50?

• 3,000
• 4,000
• 5,000
• 7,000

The Law of Supply states:

• as price increases, supply increases
• as prices decrease, supply increases

How Many cup holders are producers willing to supply at a price of $3.00?

• 3,000
• 4,000
• 5,000
• 7,000

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

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