If the supply of a good decreases, the price of that good will _____ and the quantity will _____.
Unit 3

Quiz
•
Business
•
11th Grade
•
Hard

Von Medley
Used 2+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
decrease, increase
increase, decrease
not change, increase
increase, increase
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the cost of production of Hula Hoops increases, the supply curve will
shift to the right
shift to the left
Move up on the curve
Move down on the curve
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Illustrating the law of supply, a supply curve typically is
sloping down
sloping up
sloping vertical
sloping horizontal
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in the number of sellers in a market will cause
a shift of the supply curve to the left
a movement up along an existing supply curve
a shift of the supply curve to the right
a movement down along an existing supply curve
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When input costs increase
the supply curve shifts to the right
there is a movement up along an existing supply curve
the supply curve shifts to the left
there is a movement down along an existing supply curve
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A demand curve shows the relationship between quantity demanded and
price
income
supply
production
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic demand is
the amount of a good or service that consumers are willing and able to buy at various prices.
he amount of a good or service that consumers are willing and able to buy at one price.
the amount of a good or service that consumers are willing but not able to buy at various prices.
the amount of a good or service that producers are willing and able to produce at various prices.
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