The Law of Supply

Question 1

According to this graph, at $10 the quantity supplied is about [___].

Revolt · Accepted Answer

14; Selection 1: 14; Selection 2: increase

Question 2

As the price of the good rises, the quantity supplied will [___].

Revolt · Accepted Answer

increase

Question 3

As the price increases from $20 to $60, the quantity supplied increases by [___].

Revolt · Accepted Answer

40

Question 4

A good is considered [___] when producers can quickly supply more or less of it based on changing prices.

Revolt · Accepted Answer

elastic; A good is considered when producers can quickly supply more or less of it based on changing prices.: elastic; A good is considered when producers cannot quickly change how much of it is supplied when prices change.: inelastic

Question 5

✔ inelasticelastic

Revolt · Accepted Answer

✔ inelastic

Question 6

As the price of jeans rises, the quantity supplied [___].

Revolt · Accepted Answer

is increasing; As the price of jeans rises, the quantity supplied .: is increasing; When the price per pair is $50, the quantity supplied is .: 40; As the price increases from $20 to $60, the quantity supplied increases by .: 40

Question 7

30✔ 40 50

Revolt · Accepted Answer

✔ 40

Question 8

✔ 40 50 60

Revolt · Accepted Answer

✔ 40

The Law of Supply Answers

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