Supply analysis
Passage
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Alan Long
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the supply curve illustrate?
The correlation between the cost of a product or service and the quantity available
The correlation between the demand for a product and its price
The relationship between consumer preferences and disposable income
The effect of government regulations on market prices
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to prices when supply is low according to the supply curve?
Prices increase
Prices decrease
Prices remain constant
Prices fluctuate unpredictably
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the supply curve appear for products with more elastic supply?
Shallower (closer to horizontal)
Steeper (closer to vertical)
Vertical
Horizontal
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What causes the supply curve to shift to the right?
An increase in technology
A decrease in the number of sellers
An increase in production costs
A decrease in the price of substitutes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of supply and demand?
A rule stating that the price of a product will reach an equilibrium based on supply and demand
A rule stating that supply always exceeds demand
A rule stating that demand always exceeds supply
A rule stating that prices are determined solely by consumer preferences
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is supply elasticity?
The degree to which rising prices translate into rising quantity
The degree to which consumer preferences affect demand
The degree to which government regulations affect supply
The degree to which technological advances affect production
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors can cause the supply curve to shift?
Changes in production costs, technological progress, and the level of competition
Consumer preferences and disposable income
Government regulations and tax environment
Availability of substitutes and alternatives
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