Cards (39)

    • What does the term "supply" refer to in economics?
      Quantity producers sell
    • The law of supply states that as the price of a good or service increases, the quantity supplied also increases
    • Arrange the factors affecting supply from most direct to least direct:
      1️⃣ Cost of production
      2️⃣ Availability of resources
      3️⃣ Technology
      4️⃣ Number of sellers
      5️⃣ Government regulations
      6️⃣ Expectations about future prices
    • A change in supply refers to a movement along the supply curve.
      False
    • What is "market supply"?
      Total supply in market
    • What is the role of technology in affecting supply?
      Improves efficiency
    • The law of supply assumes all factors other than price remain constant.
    • What does the supply curve represent graphically?
      Supply schedule
    • Match the factor affecting supply with its description:
      Cost of production ↔️ Expenses in producing goods
      Availability of resources ↔️ Access to raw materials
      Government regulations ↔️ Policies impacting production
    • What is the effect of higher production costs on supply?
      Higher costs decrease supply
    • The law of supply states that as the price of a good or service increases, the quantity supplied also increases.
    • Supply refers to the quantity of a good or service that producers are willing and able to sell at various prices during a specified time period.
    • How does technology affect supply?
      Improves efficiency, increases supply
    • Arrange the following price-quantity relationships according to the law of supply:
      1️⃣ Lower price, smaller quantity supplied
      2️⃣ Higher price, larger quantity supplied
    • Match the concepts with their descriptions:
      Supply curve ↔️ Graphical representation of the supply schedule
      Supply schedule ↔️ Table showing quantities producers sell at different prices
    • What is the effect of government regulations on supply?
      Can increase or decrease supply
    • Expectations about future prices can influence current supply decisions.
    • A change in price causes a change in quantity supplied, while a change in other factors causes a change in supply.
    • Match the factors influencing market supply with their descriptions:
      Cost of production ↔️ Expenses affecting profitability and supply
      Number of sellers ↔️ More firms increase total supply
      Government policies ↔️ Regulations or subsidies affecting supply
    • What is the primary factor influencing supply according to the law of supply?
      Price
    • The law of supply can be expressed mathematically as Q_{s} = f(P)</latex>.
    • The law of supply contrasts with the law of demand, which states that higher prices reduce demand.
    • What happens to the quantity supplied when the price of a good or service increases, assuming all other factors remain constant?
      Quantity supplied increases
    • The law of supply states that higher prices reduce demand
    • What does QsQ_{s} represent in the law of supply equation Qs=Q_{s} =f(P) f(P)?

      Quantity supplied
    • The supply curve is a graphical representation of the supply schedule
    • Match the component of the supply curve with its description:
      Price ↔️ The amount consumers pay
      Quantity Supplied ↔️ The amount producers offer
    • According to the law of supply, the supply curve is upward sloping.
    • What is the quantity supplied when the price is $3 according to the supply schedule?
      30
    • The supply equation Q_{s} =10P</latex> shows a direct proportionality between price and quantity supplied
    • The supply curve shifts leftward if production costs increase.
    • What happens to the supply of a good if the cost of raw materials to produce it increases?
      Supply decreases
    • Technological advancements that improve efficiency can reduce production costs
    • What is the main difference between a change in supply and a change in quantity supplied?
      Curve shift vs movement
    • Market supply is the sum of all individual producer supply curves in the market.
    • What is the quantity supplied at a price of $10 according to the market supply equation Qs=Q_{s} =500+ 500 +70P 70P?

      1200
    • If the cost of raw materials to produce coffee beans increases, the supply of coffee will decrease
    • What happens to the supply of wheat if new harvesting technology is introduced?
      Supply increases
    • Match the factor affecting supply with its effect on the supply curve:
      Increased Production Costs ↔️ Leftward shift
      Technological Advancement ↔️ Rightward shift