LESSON 6 EXAM

1. Supply in economics refers to:

2. The law of supply states that:

3. Which of the following is NOT a determinant of supply?

4. An increase in supply is represented by:

5. Equilibrium price is the price at which:

6. When supply is greater than demand at a given price, it results in:

7. A movement along the supply curve occurs when:

8. A leftward shift of the supply curve indicates:

9. The point where demand and supply curves intersect is called:

10. At equilibrium price:

11. If government fixes a price below equilibrium price, it causes:

12. A rise in production cost will likely cause:

13. A situation where quantity supplied equals quantity demanded is known as:

14. Which of these factors can shift the supply curve?

15. When the government imposes a subsidy, supply will:

16. If demand increases while supply remains constant, equilibrium price will:

17. If supply increases while demand remains constant, equilibrium price will:

18. The slope of the supply curve is usually:

19. Excess demand at a given price leads to:

20. When demand falls and supply remains constant, equilibrium price:

21. A supply schedule shows:

22. An upward movement along the supply curve occurs when:

23. The equilibrium price can also be called:

24. A change in supply caused by price change is called:

25. If demand and supply both increase, equilibrium price will:

26. Which of the following shifts the supply curve to the right?

27. Price above equilibrium leads to:

28. A supply curve is derived from:

29. If a new firm enters the market, supply will:

30. When both demand and supply decrease, equilibrium price will: