The Law of Supply

Question 1

How should the factory respond to the increase in price of blue widgets?

Revolt · Accepted Answer

by increasing the number of blue widgets produced

Question 2

A supply is when the quantity of a good supplied does not change as the price changes.

Revolt · Accepted Answer

inelastic

Question 3

A supply is when the quantity of a good supplied increases or decreases as the price changes.

Revolt · Accepted Answer

elastic

Question 4

Use the drop-down menu to complete each statement.

Revolt · Accepted Answer

In the scenario to the left,is the main factor affecting the price of the seeds.: competition; This specific grass seed is a good with ansupply.: elastic

Question 5

Elasticity is the measure of how producers and consumers react to changes in.

Revolt · Accepted Answer

price; Elasticity is the measure of how producers and consumers react to changes in.: price; A supply is when the quantity of a good supplied does not change as the price changes.: inelastic; A supply is when the quantity of a good supplied increases or decreases as the price changes.: elastic

Question 6

In the scenario to the left,is the main factor affecting the price of the seeds.

Revolt · Accepted Answer

competition; In the scenario to the left,is the main factor affecting the price of the seeds.: competition; This specific grass seed is a good with ansupply.: elastic

Question 7

Which events could cause the change in supply shown on this graph? Check all that apply.

Revolt · Accepted Answer

A producer goes out of business.; A natural disaster causes production to drop.; A resource needed to produce more of the good has became scarce.

Question 8

This specific grass seed is a good with ansupply.

Revolt · Accepted Answer

elastic

The Law of Supply Answers

More from this Course

TRY EDGENUITY HACKS