Supply and Demand Review Intro to Econ

When producers offer more of a good as its price increases and less as its price falls, this defines the

• law of demand

• law of supply

• change in demand

• change in supply

The willingness and ability of a producer to make a product is referred to as

• quantity supplied

• quantity demanded

• supply

• demand

Movement along a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

A shift in a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

Which of the following supply curves demonstrates a decrease in the quantity supplied?

• 
• 
• 
• 

A decrease in supply is demonstrated by which of the following?

• 
• 
• 
• 

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

• 
• 
• 
• 

The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

• 
• 
• 
• 

A decrease in the price of a good will

• increase supply.
• decrease supply.
• increase quantity supplied.
• decrease quantity supplied.

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

• Change in cost of production
• Changes in number of producers
• Changes in expectations