3/8 Act. 2 Supply Shifts and Quantity Supplied

What creates an increase or decrease in Quantity Supplied? (QS)

• price

• style

• taxes

• regulations

besides price, supply can shift due to factors that are known as --

• price of resources

• determinants of supply

• demand

• competition

When prices rise, quantity supplied will also increase. If prices drop, quantity supplied will also fall. What is this called?

• law of supply

• law of demand

• determinant of supply

• cost of production

When the gov't pays money to businesses, usually to encourage them to produce a certain product, like Covid19 vaccines.

• taxes

• regulations

• competition

• subsidies

Businesses pay the gov't, which helps pay for gov't services- but can lead to higher prices for their products

• subsidies

• cost of production

• regulations

• taxes

The gov't sets rules, known as ​ (a)   , on how businesses must be run, which can also affect the cost of production and supply levels.

• regulations
• taxes
• competition
• subsidies

If new technology leads to faster and more efficient production, then ___

• supply would increase and the supply curve would shift right

• supply would decrease and the supply curve would shift left

• demand would increase and the demand curve would shift right

• there would be no change

If determinants of supply lead to an increased level of production, the supply curve will shift

• downward

• to the right

• to the left

• directly upward

The cost of production includes the price of resources. If resources become more expensive, what will happen to the supply curve?

• Shifts right

• Shifts left

• No change

• come to a complete stop

Which government tool can cause changes in supply levels and force the supply curve to shift?

• taxes

• subsidies

• regulations

• all of these