Chapter 5: Lesson 1 - What is Supply Quiz

What is supply?

• The amount a producer is willing to sell at all prices in a market at a given time

• The amount a consumer is willing to buy at all prices in a market at a given 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 list showing the quantity supplied at each price

• A list showing the quantity demanded at each price

• A graph showing the quantity supplied at each price

• A graph showing the quantity demanded at each price

What does a supply curve show?

• The quantity demanded at each price

• The quantity supplied at each price

• The relationship between price and quantity demanded

• The relationship between price and quantity supplied

What is quantity supplied?

• The amount offered for sale at a given price

• The amount demanded at a given price

• The total offered for sale at all prices

• The total demanded at all prices

What is a change in quantity supplied?

• A change in the amount offered for sale at a given price

• A change in the total amount offered for sale at all prices

• A change in the amount demanded at a given price

• A change in the total amount demanded at all prices

What is supply elasticity?

• How much a change in price affects quantity supplied

• How much a change in price affects quantity demanded

• How much a change in quantity supplied affects price

• How much a change in quantity demanded affects price

What is a change in supply?

• Different amounts offered for sale at each price in the market

• Different amounts demanded at each price in the market

• A movement along the supply curve

• A movement along the demand curve

What does not cause a change in supply?

• Cost of inputs

• Productivity

• Technology

• Change in sale price

How does lower input costs affect supply?

• Increases supply

• Decreases supply

• No effect

• Shifts supply left