Supply and Law of Supply

A decrease in supply is demonstrated by which of the following?

• A leftward shift of the supply curve

• A rightward shift of the supply curve

• An increase in demand

• A decrease in price

A popular musical act announces a concert at a 10,000 seat venue. Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered. What concept does this demonstrate?

• change in quantity supplied

• increase in demand

• market equilibrium

• price elasticity of demand

Movement along a supply curve demonstrates

• a change in quantity supplied

• a change in demand

• an increase in production costs

• a shift in the supply curve

Which of the following is NOT one of the determinants of supply?
Change in cost of production/resources,
Change in number of sellers,
Substitutes,
Change in technology

• Change in cost of production/resources

• Change in number of sellers

• Substitutes

• Change in technology

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

• A supply and demand curve showing a leftward shift in supply

• A pie chart of orange production by state

• A line graph of orange prices over the last decade

• A bar chart comparing orange exports and imports

Identify the correct determinant of supply. Example: As the demand for DVDs decreased due to consumer preference for streaming movies, the market price for DVDs fell. This lower market price caused sellers to leave the DVD market and supply decreased.

• Change in number of sellers

• Change in consumer income

• Change in technology

• Change in government regulations

Identify the correct determinant of supply: Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases.

• Cost of production/resources

• Number of sellers

• Change in expectations

• Change in technology

Which of the following is NOT a determinant of supply?
Change in cost of production, Technology, Change in number of consumers, Government regulations

• Change in cost of production

• Technology

• Change in number of consumers

• Government regulations

Which of the following supply curves demonstrates a decrease in the quantity supplied?

• A supply curve that shifts to the left

• A supply curve that shifts to the right

• A vertical supply curve

• A horizontal supply curve

The willingness and ability of a producer to make a product is referred to as

• demand

• supply

• market

• price