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Supply

Authored by David Hayden

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Used 4+ times

Supply
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

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.

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

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.

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

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

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

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

weather
future price expectations
number of sellers
All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

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

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

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.

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