Supply

Jim and Halik are studying economics and come across a graph in their textbook. The graph shows a downward-sloping line that represents the relationship between price and quantity. What does this curve represent?

• supply

• equilibrium

• demand

• surplus

Brianna is analyzing a graph that shows the relationship between the price of apples and the quantity available in the market. What does this curve represent?

• demand

• supply

• equilibrium

• shortage

In a local farmers' market, who determines the SUPPLY of fresh produce?

• buyers

• sellers

• consumers

• us

In a local farmers' market, which group of people determines the DEMAND for fresh produce?

• buyers

• sellers

• suppliers

• store owners

How does a shift in supply differ from a shift in demand?

• A shift in supply is caused by changes in consumer preferences

• A shift in demand is caused by changes in production costs

• A shift in supply is caused by factors affecting producers, while a shift in demand is caused by factors affecting consumers

• A shift in demand is caused by changes in technology

When something other than price changes there is a ______________the curve

• shift of

• slide on

Litzy and Ingrid run a bakery and recently invested in new baking technology that speeds up the production process. What happens to the supply curve for their baked goods?

• The supply curve shifts to the left

• The supply curve shifts to the right

• The supply curve becomes steeper

• The supply curve becomes flatter

Yoselyn runs a lemonade stand. Which of the following scenarios would lead to a movement along the supply curve for her lemonade rather than a shift?

• A decrease in the cost of lemons

• An increase in the number of lemonade stands in the area

• A change in the price of lemonade itself

• A government subsidy for lemonade production

Dalycel and Melanie are discussing the impact of a new government regulation that increases the cost of production for car manufacturers. What is the likely effect on the supply curve for cars?

• The supply curve will shift to the right

• The supply curve will shift to the left

• The supply curve will remain unchanged

• The supply curve will become more elastic

Victor and Odette are discussing factors that could lead to a shift in the supply curve for electric vehicles. Which of the following factors would they consider?

• A reduction in the cost of electric car batteries

• An increase in the demand for electric cars

• A rise in the price of oil

• A government subsidy for electric car manufacturers