Supply

Question 1

According to the law of supply, what happens to the quantity supplied when prices go up?

Revolt · Accepted Answer

It increases.

Question 2

Supply is the __________ and __________ to offer a good or service for sale.

Revolt · Accepted Answer

C

Question 3

The number of sellers of a specific good in a given market can affect all of the following except the __________ of the good.

Revolt · Accepted Answer

D

Question 4

Improved __________ can make goods easier and cheaper to supply.

Revolt · Accepted Answer

B

Question 5

If a business owner wants to increase demand for quantity, then the business owner should

Revolt · Accepted Answer

decrease price.

Question 6

Weather conditions would be LEAST likely to affect supply in

Revolt · Accepted Answer

C

Question 7

The willingness and ability to offer a given good or service for sale is called

Revolt · Accepted Answer

"supply"

Question 8

If the supply curve shown above shifts to the left then the __________.

Revolt · Accepted Answer

C

Question 9

Each of the following may result from an excise tax EXCEPT:

Revolt · Accepted Answer

D

Question 10

The law of __________ states that price and quantity supplied move in the same direction.

Revolt · Accepted Answer

A

Supply Answers