Supply

The law of supply says that

• the quantity supplied of a good rises when the price of the good rises.
• the quantity supplied of a good decreases when the price of the good rises.
• sellers prefer low prices to high prices.
• a seller must have both the willingness and ability to produce a good.

Quantity supplied refers to

• a shift of the supply curve to the left.
• a shift of the supply curve to the right.
• the amount supplied at a particular price.
• the amount demanded at a particular price.

A supply schedule includes

• price and quantity supplied at each price.
• the producer's cost.
• shifts to the left or right of the supply curve.
• Both a and b

If sellers do not respond to a change in price, supply is

• elastic.
• inelastic.
• unit-elastic.
• None of the above

Which of the following can cause a supply curve to shift?

• weather
• future price expectations
• number of sellers
• All of the above

When quantity supplied changes by the same percentage as price, it is

• elastic.
• inelastic.
• unit-elastic.
• a subsidized good.

A vertical supply curve indicates that

• a change in price will have no effect on the quantity supplied.
• there is a direct relationship between price and quantity supplied.
• producers will increase their production.
• a price change will have a significant impact on the quantity supplied.

Higher per-unit production costs would cause producers to

• want to produce more.
• hire more workers.
• supply more.
• supply less.

Which of the following correctly represents the supplier's response to decrease in the costs of production?

• a shift from S1 to S2
• a shift from S1 to S3
• movement from A to B
• Movement from C to B

If the price of a product increases, we would expect the graph to show

• a shift from S1 to S2
• a shift from S1 to S3
• movement from A to B
• movement from C to B