AnswersIL-EconomicsThe Law of Supply

The Law of Supply Answers

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The law of supply demonstrates the behaviors of producers when they

A
change their company’s name.
B
decide to hire fewer workers.
C
supply goods to consumers.
D
launch a new marketing campaign.
2
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demandsupplyquantityproduction

A
demand
B
supply
C
quantity
D
production
3

is a measure of behaviors by producers and consumers in response to changes in price.

Answer not available
4

The amount that a good is sold for is its

A
elasticity.
B
price.
C
profit.
D
supply.
5

A supply schedule shows how prices affect the

A
quality of a good.
B
overall economy of a country.
C
quantity of a good supplied by a producer.
D
unemployment rate.
6

The graph shows a supply curve.Which change is illustrated by the shift taking place on this graph?

Question illustration
A
an increase in demand
B
a decrease in demand
C
an increase in supply
D
a decrease in supply
7

The study of the interaction between individuals and businesses is known as

A
the law of supply.
B
macroeconomics.
C
microeconomics.
D
elasticity.
8

Which best describes the role the availability of resources plays when a company is considering whether to produce a certain good?

A
Resources can always be obtained, no matter what the cost.
B
If a resource is difficult to obtain, production costs will be high.
C
Resources play no part in a company’s decision to produce a good.
D
If a resource is easy to obtain, production costs will be high.
9

This graph shows a supply curve.What happens when the price of a good increases?

Question illustration
A
The quantity of goods that are produced increases.
B
The producer of the good is certain to make less money.
C
The quantity of goods that are produced decreases.
D
The quantity of goods that are produced stays about the same.
10

In order to compete successfully, a producer must produce goods that are

A
more expensive than those of competitors.
B
of a lesser quality than those of competitors.
C
of a higher quality than those of competitors.
D
created without worrying about the costs of production.

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