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Law of Supply and Shifts of Supply
By Stephanie Foy
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Last updated about 7 years ago
5 questions
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Note from the author:
Law of Supply, Shifts of Supply
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Question 1
1.
According to the Law of Supply, as price increases
quantity supplied increases
quantity supplied decreases
supply increases
supply decreases
Question 2
2.
Kate owns a cupcake shop. The price that she can charge for a bacon maple cupcake falls. According to the Law of Supply, Kate will
increase her quantity supplied.
decrease her quantity supplied.
increase her supply.
decrease her supply.
Question 3
3.
The image shown above is a model of
an increase in quantity supplied.
a decrease in quantity supplied.
an increase in supply.
a decrease in supply.
Question 4
4.
Which of the following would increase the supply of chocolate? Select the THREE that apply.
Better technology helps speed chocolate production.
A new chocolate producer enters the market.
The price of chocolate increases.
The government reduces regulations on chocolate producers.
Question 5
5.
Which of the following is NOT a determinant of the supply curve?
Income
Government Decisions
Expectations of Future Prices
Technology
