WorksheetsSupply
Total questions: 10
Worksheet time: 13mins
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
Identify the correct determinant of supply:
Example: If the government requires factories to reduce pollution, complying will initially increase costs of production in the market and reduce supply.
Government regulation
Cost of resources
Worker productivity/motivation
Change in technology
Identify the correct determinant of supply:
Examples: When auto manufacturer were able to implement robotics on the production line, automobiles were produced more quickly and at a smaller cost per unit. This allowed the industry to supply more cars.
Government regulations
Expectations
Number of sellers
Change in technology
The Law of Supply states that when the price of a good INCREASES, quantity supplied (Qs)
Increases
Decreases
Which of the following is NOT one of the determinants of supply?
Change in number of sellers
Change in income
Producer expectations
Worker productivity/ motivation
The amount of a product available at a SPECIFIC price is called
Quantity supplied
Supply
Quantity demanded
Demand
The Law of Supply states that when the price of a good DECREASES, quantity supplied (Qs)
Increases
Decreases
This image represents:
The law of demand
The law of supply
A supply schedule
An increase in quantity demanded
This image represents a(n):
supply schedule
demand schedule
demand curve
supply curve
If a product becomes wildly popular, which is true?
fewer retailers will sell the items
sellers will try to sell as much as they can at the highest price they can
Demand will decrease
Price will remain neutral and not reflect the popularity of an item
