U3L2b HW Econ: Supply

U3L2b HW Econ: Supply

9th - 12th Grade

27 Qs

quiz-placeholder

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U3L2b HW Econ: Supply

U3L2b HW Econ: Supply

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Darek Tillman

Used 1+ times

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The law of supply states that, all else being equal, an increase in price results in an increase in what?

Demand

Supply

Equilibrium

Production cost

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Differentiate between a change in quantity supplied and a change in supply.

A change in quantity supplied refers to a movement along the supply curve due to a change in price, while a change in supply refers to a shift of the entire supply curve due to factors other than price.

A change in quantity supplied refers to a shift of the entire supply curve due to factors other than price, while a change in supply refers to a movement along the supply curve due to a change in price.

Both terms refer to the same concept and can be used interchangeably.

A change in quantity supplied is caused by changes in consumer demand, while a change in supply is caused by changes in production technology.

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Media Image

What does the term 'Supply' refer to in economics?

The amount of a product available

The demand for a product

The price of a product

The quality of a product

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The Law of Supply states that, all else being equal, an increase in price results in an increase in what?

Demand

Supply

Equilibrium

Scarcity

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is one of the shifters of supply related to resources?

Prices/Availability of inputs (resources)

Consumer preferences

Government regulations

Technological advancements

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which shifter of supply involves the number of businesses in the market?

Number of Sellers

Price of Related Goods

Consumer Preferences

Technology

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What expectation can influence future supply?

Expectations of Future Profit

Expectations of Future Loss

Expectations of Future Demand

Expectations of Future Costs

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