Chapter 5: Lesson 1 - What is Supply Quiz

What is supply?

• The amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time
• The amount of a product a consumer would be willing to buy at all possible prices in a market at a given point in time
• The relationship between price and quantity demanded
• The relationship between price and quantity supplied

What is the law of supply?

• More will be offered for sale at higher prices than at lower prices
• More will be demanded at higher prices than at lower prices
• Less will be offered for sale at higher prices than at lower prices
• Less will be demanded at higher prices than at lower prices

What is a supply schedule?

• A listing that shows the quantity supplied at each and every price
• A listing that shows the quantity demanded at each and every price
• A graph that shows the quantity supplied at each and every price
• A graph that shows the quantity demanded at each and every price

What does a supply curve show?

• The quantity demanded at each and every price
• The quantity supplied at each and every price
• The relationship between price and quantity demanded
• The relationship between price and quantity supplied

What is quantity supplied?

• The specific amount offered for sale at a given price
• The specific amount demanded at a given price
• The total amount offered for sale at all possible prices
• The total amount demanded at all possible prices

What is a change in quantity supplied?

• A change in the specific amount offered for sale at any given price
• A change in the total amount offered for sale at all possible prices
• A change in the specific amount demanded at a given price
• A change in the total amount demanded at all possible prices

What is supply elasticity?

• A measure of how much a change in price affects quantity supplied
• A measure of how much a change in price affects quantity demanded
• A measure of how much a change in quantity supplied affects price
• A measure of how much a change in quantity demanded affects price

What is a change in supply?

• Different amounts offered for sale at each and every possible price in the market
• Different amounts demanded at each and every possible price in the market
• A movement along the supply curve
• A movement along the demand curve

What does not cause a change in supply? Hint: Change in quantity supplied vs change in supply

• Cost of inputs
• Productivity
• Technology
• Change in sale price

How does a decrease in the cost of inputs affect supply?

• Increases supply
• Decreases supply
• Has no effect on supply
• Shifts the supply curve left