WorksheetsSupply Quiz
Total questions: 17
Worksheet time: 9mins
Which best represents the "law of supply"?
The amount of goods available
Producers offer more of a good at a higher price
Producers offer more of a good at a lower price
Consumers want more of a good when the price is low
This image represents:
The law of demand
The law of supply
A supply schedule
An increase in quantity demanded
According to the law of supply, the relationship between price and quantity supplied is:
Direct
Inverse
Not correlated
According to the Law of Supply, as price increases, quantity supplied_____?
Increases
Decreases
No change
The more people there are to sell products, the more products there are on the market.
Consumer Expectations
Number of Sellers
Cost of Inputs
Consumer Taste
This factor reflects the amount of money put into the product before the sale.
Price of Related Goods
Consumer Income
Costs of Inputs
Number of Buyers
This factor changes supply because of an unforeseen incident
Government Policies
Producer Expectations
Technology
Market due to Natural Disaster/Int. Events
Self check out counters are just one of the factors that can shift the supply curve.
Consumer Income
Technology
Producer Expectations
Government Policies
This factor covers how producers look into future markets and makes the decision of when to supply their product
Producer Expectations
Consumer Expectations
Consumer Income
Price of Related Goods
This factor changes supply based on the higher organizations wants and subsidies
Number of Sellers
Technology
Government Policies & Regulations
Consumer Income
A change in quantity supplied means movement along the supply curve?
True
False
The federal minimum wage increases by $1 today. What happens to the supply of hamburgers today?
Increase in Supply
Decrease in Supply
No change in supply
The federal minimum wage increases by $1 today. How is it reflected in a graph?
Curve shifts to the right
Curve shifts to the left
Movement along the curve
The federal minimum wage increases by $1 today. What factor shifted the curve?
Consumer Taste
Change in Technology
Cost of Inputs
Number of Buyers
Congress passes a law which pays farmers to produce less crops starting today. What happens to the supply of crops today?
Increase in supply
Decrease in supply
No change in supply
Congress passes a law which pays farmers to produce less crops starting today. What happens to the supply curve?
Shifts to the right
Shifts to the left
No change in supply
Congress passes a law which pays farmers to produce less crops starting today. What factor shifted the curve?
Producer Expectations
Market due to Natural Disaster
Number of Sellers
Government Policies and Regulations
