5.1 Economics- Supply

Front

____________ refers to the amount of product offered for sale at all possible prices.

Back

supply

Front

Quantity Supplied increases when the price _____________

Back

increases

Front

A graph that shows the quantities supplied at each and every possible price in the __________ is called a supply curve.

Back

market

Front

A movement along the supply curve is a change in __________ supplied.

Back

quantity

Front

A(n) __________ is a payment to an individual, business, or other group to encourage or protect a certain type of economic activity.

Back

subsidy

Front

Which of these results from the repeal of an item's subsidies? A decrease in the price of an item. a leftward shift of that item's supply curve A rightward shift of that item's supply curve An increase in reliance upon government regulation

Back

a leftward shift of that item's supply curve

Front

Which of these best describes the influence of high prices on the behavior of producers? Options: They are an incentive for producers to produce more. They are an incentive for producers to buy less. They encourage producers to modify their supply schedules. They have no significant overall effect on producer behavior.

Back

They are an incentive for producers to produce more.

Front

Which of these names the way in which producers regard taxes? Options: as an investment in technology, as part of the cost of production, as an entry in their supply schedule, as an encouragement to productivity

Back

as part of the cost of production

Front

Which of these is the best description of a normal supply curve? Options: Its slope is completely horizontal. Its slope goes up when the diagram is read from right to left Its slope goes up when the diagram is read from left to right none of these

Back

Its slope goes up when the diagram is read from left to right

Front

Which of these is true about both an individual supply curve and a market supply curve? A change in quantity supplied takes place when a change in demand occurs. A change in quantity supplied takes place only when there is a change in price. A change in quantity supplied takes place only when the price remains constant. None of these

Back

A change in quantity supplied takes place only when there is a change in price.