Supply and Law of Supply

Supply and Law of Supply

9th - 12th Grade

14 Qs

quiz-placeholder

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Supply and Law of Supply

Supply and Law of Supply

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Wayground Content

Used 17+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Identify the correct determinant of supply.

Example: If the government requires factories to reduce pollution, complying will initially increase costs of production in the market and reduce supply.

Government regulation

Cost of resources

Worker productivity/motivation

Change in technology

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Media Image
Media Image
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Media Image

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Identify the correct determinant of supply:

Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases

Cost of production/resources

Number of sellers

Change in expectations

Change in technology

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Media Image
Media Image
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Media Image

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A popular musical act announces a concert at a 10,000 seat venue. Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered. What concept does this demonstrate?

elastic supply

inelastic supply

change in supply

change in quantity supplied

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