Supply

Question 1

the condition in which the quantity demanded of a good is greater than the quantity supplied

Accepted Answer

shortage

Question 2

the relationship between percentage change in quantity supplied and percentage change in price

Accepted Answer

elasticity of supply

Question 3

a graph that shows the amount of a good sellers are willing and able to sell at various prices

Accepted Answer

supply curve

Question 4

the law of supply is shown on a graph as

Accepted Answer

a direct relationship

Question 5

If a greater supply of labor were combined with a decrease demand for labor, we might expect

Accepted Answer

wages to fall

Question 6

a legal maximum price at which a good can be sold is

Accepted Answer

price ceiling

Question 7

a financial payment made by government for a certain action

Accepted Answer

subsidy

Question 8

Elasticity of supply is measured by looking a the relationship between

Accepted Answer

how the quantity supplied responds to changes in price

Question 9

Higher per-unit production costs would cause producers to

Accepted Answer

supply less

Question 10

willingness and ability to produce and sell different quantities of a good at different prices

Accepted Answer

supply

Question 11

as price increases quantity supplied increases, as price decreases quantity supplied decreases

Accepted Answer

law of supply

Question 12

The point at which quantity demanded is equal to quantity supplied

Accepted Answer

equilibrium

Question 13

a price floor results in

Accepted Answer

a surplus

Question 14

At equilibrium price, which of the following is true

Accepted Answer

all of the above

Question 15

if all else remains the same, a decrease in the demand for a good will

Accepted Answer

decrease price

Question 16

Quantity supplied refers to

Accepted Answer

the amount supplied at a particular price

Question 17

If there were a shortage of nurses, we would expect

Accepted Answer

the wages of nurses to increase

Question 18

A vertical supply curve indicates that

Accepted Answer

change in price will have no effect on the quantity supplied

Question 19

the average cost of a good

Accepted Answer

per-unit cost

Question 20

a legal limit on the number of units of a foreign-produced good that can enter a country

Accepted Answer

quota

Question 21

the condition in which the quantity supplied of a good is greater than the quantity demanded

Accepted Answer

surplus

Question 22

The repeal of a quota will likely cause the supply curve to shift

Accepted Answer

to the right

Question 23

If sellers do not respond to a change in price, supply is considered to be

Accepted Answer

inelastic

Question 24

Which of the following can cause the supply curve to shift

Accepted Answer

all of the above

Question 25

If the government supplies a subsidy for a good the supply curve will likely

Accepted Answer

shift to the right

Supply

Questions 25

Supply

Questions 25