Econ Chapter 5 Supply

Most supply curves are upward sloping from left to right.

Subsidies have a tendency to shift the supply curve to the right.

When additional units cannot be produced or there is no time to produce more, the supply curve

Quantity supplied changes because of

All supply curves are upward sloping (from left to right).

Weather can have an impact on both agricultural and nonagricultural goods.

A supply curve will shift to the left or right when resource prices rise or fall.

Farming is one of the few areas untouched by advances in technology.

If the price of a product increases, we would expect the accompanying graph to show

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

A firm’s supply curve and the market supply curve are different from each other.

Movement along a supply curve shows a change in quantity supplied as a result of a price change

Some supply curves are upward sloping, while others are vertical.

Price is the only factor that can change the quantity supplied.

The law of supply is shown on a graph as

Quantity supplied refers to

Future prices affect the demand for a good, not the supply of a good.

A supply curve is a reflection of

If Vickie has both the willingness and desire to produce jewelry, she is considered a supplier.

A graph that shows the amount of a good sellers are willing and able to sell called a(n) _____

Quantity supplied and supply can be used interchangeably, since they represent the same thing.

A change in the quantity of gasoline supplied would be caused by a change in price.

If a direct relationship exists between two factors, the factors move in the same direction.

A movement along the supply curve is another way to illustrate a change in supply

The supply curve of one of Pablo Picasso’s (1881–1973) paintings would be shown as

A direct relationship exists when

Which of the following supply curves demonstrates inelastic supply?

The law of supply can be stated in words, numbers, and picture form.

Which of the following can cause a supply curve to shift?

A market supply curve is composed of

The law of supply says that

According to the law of supply, the higher the price, the greater the quantity supplied.

Which of the following products would be most inelastic?

Supply requires that sellers have both the willingness and ability to produce a good.

The law of supply states that consumers will purchase more at low prices.

The word supply refers to

If Gene knows how to design and build wooden tables, he is automatically considered a supplier.

A shift of the supply curve to the left indicates that the supply has decreased.

Higher per-unit production costs would cause producers to

When quantity supplied changes by the same percentage as price, it is