The Law of Supply

Question 1

Use the drop-down menu to complete each statement. According to this graph, at $10 the quantity supplied is about . As the price of the good rises, the quantity supplied will .

Revolt · Accepted Answer

Selection 1: 14; Selection 2: increase

Question 2

Use the drop-down menu to complete each statement. A good is considered when producers can quickly supply more or less of it based on changing prices. A good is considered when producers cannot quickly change how much of it is supplied when prices change.

Revolt · Accepted Answer

Selection 1: elastic; Selection 2: inelastic

Question 3

In the sample scenario, what does this mean about the elasticity of wheat in relation to supply?

Revolt · Accepted Answer

A: Wheat is relatively inelastic.

Question 4

Based on the information presented in the scenario, which factor is affecting the supply created by the furniture company?

Revolt · Accepted Answer

D: ability to produce

Question 5

Refer to the chart, and then use the drop-down menu to complete each statement. As the price of jeans rises, the quantity supplied . When the price per pair is $50, the quantity supplied is . As the price increases from $20 to $60, the quantity supplied increases by .

Revolt · Accepted Answer

Selection 1: is increasing; Selection 2: 40; Selection 3: 40

Question 6

Question 6

Revolt · Accepted Answer

B

Question 7

Question 7

Revolt · Accepted Answer

226660

Question 8

Question 8

Revolt · Accepted Answer

185491

Question 9

Question 9

Revolt · Accepted Answer

226671

Question 10

Question 10

Revolt · Accepted Answer

226673

The Law of Supply Answers

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