Which of the following best describes the Law of Supply?

Supply and Market Dynamics Quiz

Quiz
•
History
•
9th - 12th Grade
•
Hard
Selina Owens
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As price decreases, producers offer more.
As price increases, producers offer less.
As price increases, producers offer more.
Price has no effect on supply.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Quantity supplied refers to:
The total amount of a good demanded.
How much a producer is willing and able to sell at a specific price.
The overall market supply.
Consumer demand.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do rising prices typically affect the number of suppliers in a market?
They decrease the number of suppliers.
They have no effect on the number of suppliers.
They attract new firms, increasing the number of suppliers.
They cause existing firms to merge.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A supply schedule shows the relationship between:
Demand and price.
Price and quantity demanded.
Price and quantity supplied.
Consumer and producer surplus.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key difference between a supply schedule and a market supply schedule?
One is for consumers, the other for producers.
One shows demand, the other shows supply.
One is for a single firm, the other for all firms in the market.
They are the same thing.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Elasticity of supply measures:
Consumer sensitivity to price changes.
Producer sensitivity to price changes.
The equilibrium price.
The amount of government regulation.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, the elasticity of supply is generally:
More elastic.
More inelastic.
Perfectly elastic.
Perfectly inelastic.
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