Supply and Law of Supply

Supply and Law of Supply

9th - 12th Grade

14 Qs

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Supply and Law of Supply

Supply and Law of Supply

Assessment

Quiz

Social Studies

9th - 12th Grade

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The willingness and ability of a producer to make a product is referred to as

quantity supplied

quantity demanded

supply

demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A popular musical act announces a concert at a 10,000 seat venue. Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered. What concept does this demonstrate?

elastic supply

inelastic supply

change in supply

change in quantity supplied

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

Media Image
Media Image
Media Image
Media Image

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decrease in supply is demonstrated by which of the following?

Media Image
Media Image
Media Image
Media Image

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is NOT one of the determinants of supply?

Change in cost of production/resources

Change in number of sellers

Substitutes

Change in technology

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Movement along a supply curve demonstrates

a change in quantity supplied

a change in quantity demanded

a change in supply

a change in demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When producers offer more of a good as its price increases and less as its price falls, this defines the

law of demand

law of supply

change in demand

change in supply

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