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Chapter 5 Supply Flashcards | StudBud
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Chapter 5 Supply
Chapter 5 Supply
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StudBud Administration
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A high school Quiz about #supply.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Which one is NOT an example of inelastic supply?
Mona Lisa painting
Ice cream
Milk
Gas
2
What can lower production cost?
A government
New technology
subsides
Taxation
3
What is money people pay to support a government?
taxes
income
subsides
price supports
4
What is a supply curve?
It is the same thing as a demand curve.
Shows that suppliers would rather sell at higher prices.
It does not show a supply schedule.
Shows that suppliers would rather sell at lower prices.
5
What does a supply schedule show?
It shows price supports.
It shows how taxes affect supply.
It shows the law of supply.
It shows the cost of recourses.
6
What increases when workers are happy?
income
productivity
health
price supports
7
What is the law of supply?
As the price rises, the quantity supplied decreases.
As the price of a good decreases, the quantity rises.
As the price rises, the quantity supplied goes down.
As the price of a good rises, the quantity supplied rises.
8
Which is an example of elastic demand?
Salt
iPhone
Black coffee
Medicine
9
How does competition affect supply?
Supply is affected.
It usually decreases supply.
It usually increases supply.
Supply is not affected.
10
What is elastic supply?
A small price change causes a large change in supply.
A small price change has little effect on supply.
A large price change has no effect on supply.
The ability for a seller to sell a good or service.
