Question 1

Supply is

Accepted Answer

producer willingness and ability

Answer

downward sloping

Answer

consumer tastes

Answer

inverse

Question 2

Price goes up, Supply goes up, Price goes down, Supply goes down

Accepted Answer

Law of Supply

Answer

Equilibrium

Answer

Supply

Answer

Law of Demand

Question 3

Relationship between price and quantity

Accepted Answer

direct

Answer

no relation

Answer

downward sloping

Answer

inverse

Question 4

Supply schedule

Accepted Answer

table of how much will be produced at each price

Answer

results in downward curve

Answer

table of how much will be consumed

Answer

demonstrates law of demand

Question 5

A shift to the right as an

Accepted Answer

increase in supply

Answer

slide

Answer

change in price only

Answer

decrease in supply

Question 6

Decrease in supply is a

Accepted Answer

leftward shift

Answer

no change

Answer

rightward shift

Answer

slide along slope

Question 7

A change in quantity supplies refers to a

Accepted Answer

slide

Answer

right shift

Answer

left shift

Answer

equilibrium

Question 8

Input Costs

Accepted Answer

Are costs of production

Answer

Never change

Answer

Don't affect Production

Answer

Always increase demand

Question 9

At first more producers in the market

Accepted Answer

increases supply

Answer

causes a slide

Answer

shifts demand

Answer

decreases supply

Question 10

Taxes, availability of subsidies, and regulation

Accepted Answer

Examples of Government Action

Answer

result in change in quantity supplied

Answer

Examples of Consumer tastes

Answer

Examples of rightward shift only

Question 11

Technology almost always

Accepted Answer

increases supply

Answer

decreases supply

Answer

causes a shortage

Answer

shifts the supply curve to the left

Question 12

An increase in input costs will shift the supply curve to the

Accepted Answer

left

Answer

price ceiling

Answer

price floor

Answer

right

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