Supply
Quiz by April MacNamee
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12 questions
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- Q1Supply isdownward slopingproducer willingness and abilityconsumer tastesinverse30s
- Q2Price goes up, Supply goes up, Price goes down, Supply goes downEquilibriumSupplyLaw of SupplyLaw of Demand30s
- Q3Relationship between price and quantityno relationdownward slopinginversedirect30s
- Q4Supply scheduletable of how much will be produced at each priceresults in downward curvetable of how much will be consumeddemonstrates law of demand30s
- Q5A shift to the right as anslideincrease in supplychange in price onlydecrease in supply30s
- Q6Decrease in supply is ano changerightward shiftslide along slopeleftward shift30s
- Q7A change in quantity supplies refers to aright shiftleft shiftequilibriumslide30s
- Q8Input CostsNever changeDon't affect ProductionAlways increase demandAre costs of production30s
- Q9At first more producers in the marketcauses a slideincreases supplyshifts demanddecreases supply30s
- Q10Taxes, availability of subsidies, and regulationresult in change in quantity suppliedExamples of Government ActionExamples of Consumer tastesExamples of rightward shift only30s
- Q11Technology almost alwaysincreases supplydecreases supplycauses a shortageshifts the supply curve to the left30s
- Q12An increase in input costs will shift the supply curve to theprice ceilingleftprice floorright30s