How is an increase in supply illustrated in a diagram?

by a shift to the right of the supply curve

by a shift to the left of the supply curve

by a shift in the demand curve to the left

slope downward from left to right

slope upward from left to right

slope downward from right to left

the price that occurs when the quantity demanded is equal to the quantity

any price that doesn't cause a surplus

any price that doesn't cause a shortage

any price that sellers decide to sell at

what happens to prices when there is a surplus

prices go down, sellers want to get rid of their product

prices go up, people are willing to pay more

a decrease in quantity demanded is graphically represented by

a leftward shift in the demand curve

a rightward shift in the demand curve

a movement up and to the left along a demand curve

a movement down and to the right along a demand curve

a vertical supply curve indicates that

There is a direct relationship between price and quantity supplied

a change in price will have no effect on quantity supplied

producers will increase their production

a price change will have a significant impact on the quantity supplied

This curve demonstrates what idea?

As price increases, quantity supplied goes up

As price increases, quantity demanded goes up

As price decreases, quantity supplied goes up

As price decreases, quantity demanded goes down

This curve demonstrates what idea?

As price decreases, quantity demanded goes up

As price increases, quantity demanded goes up

As price decreases, quantity supplied goes up

As price increases, quantity supplied goes up

A point ON the curve could change if....?

People's tastes or preferences change

There is a change in tax structure

If the price of a good goes up, what will happen to quantity supplied?

Supply will change, not quantity supplied

What will happen to quantity demanded if the price goes down?

Quantity demanded won't change, demand will

If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?

An increase in the cost of producing an iPhone

Employees figure out a way to work more efficiently

U2 Test Review

Authored by Lauren Litcofsky

Social Studies

12th Grade

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61 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

the desire to own something and the ability to pay for it

total revenue

shortage

demand

diminishing marginal utility

MULTIPLE CHOICE QUESTION

1 min • 1 pt

consumers buy more of a good when its price decreases and less when its price increases

law of demand

law of supply

marginal utility

supply curve

MULTIPLE CHOICE QUESTION

1 min • 1 pt

a table that shows the relationship between the price of a good and the quantity demanded

law of supply

demand curve

demand schedule

substitute good

MULTIPLE CHOICE QUESTION

1 min • 1 pt

a graph demonstrating the inverse relationship between the price of a good and the quantity demanded

price floor

demand curve

supply

inelastic demand

MULTIPLE CHOICE QUESTION

1 min • 1 pt

satisfaction or usefulness obtained from acquiring one more unit of a product

marginal utility

price floor

demand curve

surplus

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The quantity of something that producers have available for sale

shortage

law of supply

demand elasticity

supply

MULTIPLE CHOICE QUESTION

1 min • 1 pt

producers offer more of a good as its price increases and less as its price falls

law of supply

supply schedule

perfect inelasticity

supply

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U2 Test Review

the desire to own something and the ability to pay for it

consumers buy more of a good when its price decreases and less when its price increases

a table that shows the relationship between the price of a good and the quantity demanded

a graph demonstrating the inverse relationship between the price of a good and the quantity demanded

satisfaction or usefulness obtained from acquiring one more unit of a product

The quantity of something that producers have available for sale

producers offer more of a good as its price increases and less as its price falls

a graph demonstrating the direct relationship between the price of a good and the quantity supplied

a table that shows the relationship between the price of a good and the quantity supplied

the point at which the demand for a product or service is equal to the supply of that product or service

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