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WorksheetsMicroeconomics: Supply
Total questions: 10
Worksheet time: 5mins
The relationship between price and quantity supplied over a given time.
Supply
Demand
Quantity Supplied
Quantity Demand
The amount of a product that a firm is willing and able to offer for sale at a particular price during a given period of time.
Supply
Quantity supplied
Demand
Quantity demand
The Philippines is a major exporter of bananas, and a series of typhoons severely damaged banana plantations across several regions of the country. Simultaneously, global demand for Philippine bananas remains strong. What is the most likely overall effect on the supply of Philippine bananas for export?
A significant increase in supply
A slight increase in supply
A slight decrease in supply
A significant decrease in supply
A shift of the supply curve to the right indicates:
A decrease in supply
An increase in supply
No change in supply
A decrease in quantity supplied
The increase in demand for Graham crackers in Puregold and Waltermart supermarkets was evident during Christmas. What will happen to its quantity supplied?
Double
Increase
Decrease
Stay the same
What happens to the workforce of most establishments, such as restaurants, malls, and resorts, during peak seasons?
Double
Increase
Decrease
Stay the same
Which of the following best describes the Law of Supply?
As the price of a good increases, the quantity demanded increases; and as the price of a good decreases, the quantity demanded decreases, all other things being the same.
As the price of a good increases, the quantity supplied increases; and as the price of the good decreases, the quantity supplied decreases, all other things being the same.
As the price of a good decreases, the quantity supplied increases; and as the price of the good increases, the quantity supplied decreases, all other things being the same.
As the price of a good decreases, the quantity demanded increases; and as the price of the good increases, the quantity demanded decreases, all other things being the same.
Which of the following is not a determinant of supply?
The price of inputs (e.g., raw materials, labor)
Technology used in production
Government regulations (e.g., taxes, subsidies)
Consumer preferences
A movement along the supply curve is caused by a change in:
The price of the good
Input prices
Technology
Government regulations
Which of the following would cause a shift to the left (decrease) of the supply curve for a particular good?
An improvement in technology used to produce the good
A decrease in the price of inputs used to produce the good
A significant increase in the price of a key input used to produce the good
A government subsidy provided to producers of the good
