The Law of Supply

Question 1

In the sample scenario, what does this mean about the elasticity of wheat in relation to supply?

Revolt · Accepted Answer

Wheat is inelastic.

Question 2

Use the drop-down menu to complete each statement.

Revolt · Accepted Answer

✔ 14; According to this graph, at $10 the quantity supplied is about .: 14; As the price of the good rises, the quantity supplied will .: increase

Question 3

✔ increasedecreasechange based on consumer demand

Revolt · Accepted Answer

✔ increase

Question 4

Use the drop-down menu to complete each statement.

Revolt · Accepted Answer

✔ elastic; A good is considered when producers can quickly supply more or less of it based on changing prices.: elastic; A good is considered when producers cannot quickly change how much of it is supplied when prices change.: inelastic

Question 5

✔ inelasticelastic

Revolt · Accepted Answer

✔ inelastic

Question 6

Refer to the chart, and then use the drop-down menu to complete each statement.

Revolt · Accepted Answer

As the price of jeans rises, the quantity supplied .: is increasing; As the price increases from $20 to $60, the quantity supplied increases by .: 40

Question 7

30✔ 40X 50

Revolt · Accepted Answer

✔ 40

Question 8

✔ 40 50 60

Revolt · Accepted Answer

✔ 40

Question 9

Based on the information presented in the scenario, which factor is affecting the supply created by the furniture company?

Revolt · Accepted Answer

ability to produce

Question 10

Which change is illustrated by the shift taking place on this graph?

Revolt · Accepted Answer

an increase in supply

The Law of Supply Answers

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