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The four determinants of supply that cause the supply curve to shift to the right or left:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
The use of science to develop new products and new methods for producing and distributing goods and services:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
Economic rule stating that price and quantity supplied move in the same direction:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
Amount of a good or service that a producer is willing and able to supply at a specified price:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
The law of diminishing returns results in:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
The relationship between price and quantity supplied is:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
Upward sloping line that graphically shows the quantities supplied at each possible price:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
According to the law of supply, as the price rises for a good:
Direct
Supply curve
Law of supply
Higher costs for increasing production
Quantity supplied
Technology
Quantity supplied increases
Price of inputs, number of firms in the industry, taxes and technology
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