C5S1 - What is Supply?

The desire and ability to produce and sell a product is

• demand

• production

• profit

• supply

The law of supply states that

• when prices go up, quantity supplied goes down; when prices go down, quantity supplied goes up

• when prices go down, quantity supplied goes down; when prices go up, quantity supplied goes up

• when prices go up, supply goes down; when prices go down, supply goes up

• when prices go down, supply goes down; when prices go up, supply goes up

A supply schedule is a

• table showing how much of a product someone is willing and able to buy

• graph showing how much of a product someone is willing and able to buy

• table showing how much of a product someone is willing and able to sell

• graph showing how much of a product someone is willing and able to sell

Supply curves are created using the assumption that all economic factors remain constant except

• demand

• elasticity

• price

• production

What motivates producers to increase supply?

• efficiency

• demand

• profit

• thrift