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SUPPLY
SUPPLY
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Answers
1
Factors that affect supply
Laws and regulations
Price
Cost of production
Demand of consumers
2
Does this curve show a shift or movement?
Movement
Both
Neither
Shift
3
The government decreases GST on sports equipment, Michael's supply curve for tennis balls will
Show a movement up the supply curve
Stay the same
Shift to the left
Shift to the right
4
The government is subsidising Michael's tennis balls, this means the supply curve:
Shifts to the left
Stays the same
Shifts to the right
5
Michael produces tennis balls. Would he supply more at the price of $2 or $3
$3
$2
6
This movement is caused by:
Decrease in cost of production
Increase in price
Higher demand
Remove of laws and regulations
7
What is wrong with this supply curve
Wrong numbers
This is a demand curve
This is a market graph
Wrong colours
8
What is the law of supply
As price goes down, quantity supplied goes down.
Laws and regulations on supply
As price goes up, quantity supplied goes up.
As price goes down quantity demanded goes up.
9
Which statement is false?
An price decrease of a substitute decreases supply
Subsidies are transfer payments from government to the firm
Demand of consumers does not affect supply
Cost of production does not affect the supply curve
10
Factors that affect the quantity supplied
Laws and regulations
Demand of consumers
Cost of production
Price
11
What does ceteris paribus mean?
assuming all factors remain constant
considering all factors
A fruit
12
Michael sells tennis balls and basketballs, what is the relationship between the two goods
Luxury goods
Complementary goods
Substitute goods
Related goods
13
If it costs more for Michael to produce tennis balls, what is likely to happen?
Supply decreases
Supply curve shifts to the right
Supply increases
Supply shifts to the left
14
Does this show a shift or movement in the supply curve
Both
Neither
Movement
Shift
15
If a producer is willing and able to supply more at each and every price, it means :
There is a movement down the supply curve
The supply curve shifts to the left
The supply curve shifts to the right
There is a movement up the supply curve
