10 Questions
What happens to the quantity supplied when the price increases?
It increases
What is the graphical representation of the relationship between price and quantity supplied?
Supply curve
What is the term that describes the direct relationship between price and quantity supplied?
Law of supply
What is the name of the function that shows the relationship between price and quantity supplied?
Supply function
What is the correct term for the amount of a good or service that producers are willing and able to produce and sell?
Quantity supplied
What is the relationship between the price of a good and its quantity supplied?
Direct
What is the term that describes the relationship between the price of a good and its quantity supplied?
Law of Supply
What happens to the supply of a good when its price increases?
It increases
What is the graphical representation of the supply of a good?
Supply Curve
What is the term that describes the amount of a good that producers are willing and able to produce and sell?
Quantity Supplied
Study Notes
Law of Supply
- When the price of a good or service increases, the quantity supplied also increases.
- This relationship between price and quantity supplied is known as the law of supply.
- The law of supply is represented by a supply curve or a supply function.
- A supply curve shows the various quantities of a good or service that suppliers are willing to sell at different prices.
- A supply function is a mathematical representation of the relationship between the price and quantity supplied.
Law of Supply
- When the price of a good or service increases, the quantity supplied also increases.
- This relationship between price and quantity supplied is known as the law of supply.
Key Terms
- Supply function: a mathematical representation of the law of supply.
- Supply curve: a graphical representation of the law of supply.
- Quantity supply: the amount of a good or service that producers are willing to supply at a given price.
This quiz is about the relationship between price and quantity supplied, also known as the law of supply. Test your understanding of this fundamental concept in economics.
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