_____________ states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.

Eco- L 5.1 & 5.2- Test

Quiz
•
Social Studies, Professional Development, Business
•
11th - 12th Grade
•
Easy
Dilna Jasmine
Used 5+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Law of Demand
Law of Supply
Law of Diminishing Marginal Utility
Law of Business
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
___________ lists how much of a good or service an individual producer is willing and able to offer for sale at each price.
Supply Chart
Supply Curve
Supply Box
Supply schedule
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A supply curve slope is upward because price and quantity supplied have a _____ relationship.
direct
indirect
reverse
opposite
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
_____ shows the data from a supply schedule in graph form
Supply Curve
Market supply schedule
Individual supply schedule
None of them
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
____ refers to the desire and ability to produce and sell a product.
Demand
Marginal supply
Supply
Marginal Utility
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
______ refers to having a worker focus on a particular aspect of production.
Increasing returns
Organization
Business Focus
Specialization
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
_________ is a company’s income from selling its products.
Profit
Total Revenue
Total expense
Loss
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