Supply Curves

What is the relationship between price and quantity demanded?

• Direct

• Inverse

• No relationship

• Positive

Draw a correctly labeled demand curve in the market for oranges. Show what happens to the demand for oranges when eating oranges is shown to help your eyesight.

Which of the following is not a determinant of the demand for ice cream?

• Taste and preferences

• Price of substitutes and complements

• Price of ice cream

• Change in expectations

What is the relationship between price and quantity supplied?

• Direct

• Inverse

• No relationship

• Negative

Which of the following is a determinant of supply?

• Price of inputs

• Change in price of ice cream

• Change in demand

• change in number of buyers

• Income

Draw a correctly labeled graph for the market for car tires. Show what happens to the supply of car tires when the price of rubber (an input) increases.

A change in which of the following will cause a change in the supply of cell phones in the short run?

• Technology

• Demand for cell phones

• Price of cell phones

• number of buyers

• Consumer income

What are complementary goods?

• the same as substitute goods

• goods that must be consumed together

• same as inferior goods

• dependent on a consumer's income

• identical goods

Which of the following will shift the supply curve for apples to the right?

• An increase in consumers’ income

  
  

• An increase in the price of apples

  
  

• An increase in the wages of apple pickers

  
  

• A decrease in the price for apple harvesting equipment

  
  

• A decrease in the demand for oranges, a substitute in consumption

  
  

Draw a correctly labeled graph showing the supply curve for soda. What will happen when the price of soda increases.