The law of supply states that, all else being equal, an increase in price results in an increase in what?
U3L2b HW Econ: Supply

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Business
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9th - 12th Grade
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Medium
Darek Tillman
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27 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
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
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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