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

B: 14

Question 2

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 3

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 4

Which change is illustrated by the shift taking place on this graph?

Revolt · Accepted Answer

B: a decrease in supply

Question 5

✔ increasedecreasechange based on consumer demand

Revolt · Accepted Answer

A: increase

Question 6

✔ inelasticX elastic

Revolt · Accepted Answer

185491

Question 7

30✔ 40 50

Revolt · Accepted Answer

B: 40

Question 8

✔ 40 50 60

Revolt · Accepted Answer

A: 40

Question 9

inelastic✔ elastic

Revolt · Accepted Answer

B: ✔ elastic

Question 10

✔ inelasticelastic

Revolt · Accepted Answer

A: ✔ inelastic

The Law of Supply Answers

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