Supply is defined as
The total quantity which will be purchased at any given price over a specific period of time
The total quantity which is made available at any given price over a specific period of time
Neither of the above
When prices of goods rise, what happens to their supply?
It stays the same
It decreases
It increases
Which of these is NOT an aspect of the supply function?
Price of Other Goods
Income
Cost of Production
Price
A decrease in overall supply is represented by what?
A shift to the right of the supply curve
An upwards movement along the supply curve
A downwards movement along the supply curve
A shift to the left of the supply curve
What effect does technology have on supply?
It decreases the supplier's capacity
It has no effect on supply
It increases the supplier's capacity
The relationship between price and supply is
Positive
Negative
On the rocks
If there is an increase in government subsidies for labour, the supply curve will
Not change at all
Shift to the right
Become horizontal
The labour market supply curve is an example of
A supply curve with a minimum price
A supply curve with a limited capacity
A demand curve for giffen goods
Which of these terms is MOST RELEVANT when talking about supply?
Complementary Goods
Substitute Goods
Technology
