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