The Supply Curve quiz #1 Flashcards
The Supply Curve quiz #1
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Why is the supply curve upward-sloping? The supply curve is upward-sloping because, according to the law of supply, as the price of a good increases, the quantity supplied also increases. This reflects a direct relationship between price and quantity supplied. Which of the following explains why the supply curve is upward sloping? The supply curve is upward sloping because higher prices incentivize producers to supply more of a good, as they can earn greater revenue. Which of the following would shift the supply curve for guitars? Factors such as changes in production costs, technology, number of sellers, or input prices can shift the supply curve for guitars. Which of the following is true about the supply curve? The supply curve shows the relationship between the price of a good and the quantity supplied, and it typically slopes upward. Why does a supply curve slope upward? A supply curve slopes upward because as the price increases, producers are willing to supply more of the good. How is a supply curve plotted? A supply curve is plotted with price on the vertical (y) axis and quantity supplied on the horizontal (x) axis. Which of the following describes a supply curve? A supply curve is a graphical representation showing the relationship between the price of a good and the quantity supplied. Which statement best describes the relationship between price and quantity supplied? There is a direct relationship: as price increases, quantity supplied increases. Which of the following statements about the market supply curve is true? The market supply curve is the sum of all individual suppliers' supply curves at each price level. Which of the following is an example of the law of supply? If the price of wheat rises, farmers supply more wheat to the market. Which of the following does a market supply curve show? A market supply curve shows the total quantity of a good that all suppliers in the market are willing to sell at various prices. What term describes the amount of goods and services that producers will provide at various prices? Quantity supplied. Which of these is the best description of a normal supply curve? A normal supply curve is upward-sloping, indicating that higher prices lead to higher quantities supplied. What is supply? Supply is the behavior of sellers regarding the quantity of a good they are willing to produce and sell at different prices. What do the points on a market supply curve represent? Each point represents the total quantity supplied by all sellers at a specific price. Which of the following is true about the supply curve between the given points? Between any two points on the supply curve, an increase in price corresponds to an increase in quantity supplied. Which of the following is true of the supply curve of a good? The supply curve of a good typically slopes upward, showing a direct relationship between price and quantity supplied. When drawing a supply curve, what is labeled on the vertical axis? Price is labeled on the vertical (y) axis. The upward slope of the supply curve reflects the The upward slope reflects the law of supply: higher prices lead to higher quantities supplied. According to the law of supply, price and quantity supplied have a(n) ______ relationship. Direct (positive) relationship. The supply curve is ______ sloping curve. Upward-sloping. The supply curve is upward-sloping because: Producers are willing to supply more at higher prices due to increased potential profit. The relationship between price and quantity supplied is typically Direct; as price increases, quantity supplied increases. A firm's supply curve is upsloping because: As the price of the good rises, the firm is willing to supply more due to higher potential revenue. For any competitive market, the supply curve is closely related to the The supply curve is closely related to the behavior of sellers and the law of supply. The supply curve slopes upward because: Higher prices motivate producers to increase the quantity supplied.
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