NTI Day 4 Questions

When the supply of a product is _____, that means there is a lot of it available.

• low

• high

• average

Supply is the _______ of goods or services that is available in the market.

• amount

• demand for goods.

• quality of goods.

Cost of Production: If it costs more money to ____ the product, the supply may decrease.

• more

• make

New technology can make it easier and _____ to make goods, increasing supply.

• expensive

• cheaper

More ________ means more supply, while fewer producers means less supply.

• producers

• consumers

Events like __________ or droughts can disrupt the supply of certain goods.

• hurricanes

• thunderstorm

• blizzard

The price of a good or service can ________ depending on how much supply is available.

• stay the same

• change

When the supply of good or service increases, the price usually ________ because there is more of it available.

• decreases

• increases

• stays the same

If the supply decreases, the price usually ________ because there is less of it available.

• decreases

• increases

• stays the same

How could you use the opportunity of having a surplus of lemons to sell more lemonade at your stand?

• Increase the price of lemonade

• Make more lemonade and sell it at a lower price