Title: QUIZ: Supply -- Economic Lowdown Audio Series
Course: Andria Testing FRE2 > Section: Supply -- Economic Lowdown Audio Series

Q: The Law of Supply states that __________.
- as price of a good or service increases, the quantity of that good or service supplied increases
- as price of a good or service increases, the quantity of that good or service supplied decreases
- as the supply of a good or service increases, the demand for that good or service decreases
- as the supply of a good or service decreases, the demand for that good or service increases
A: as price of a good or service increases, the quantity of that good or service supplied increases

Q: In the law of supply, price and quantity have a direct relationship, which means as __________.
- prices go down, quantity supplied goes up
- prices go up, quantity supplied stays the same
- prices go down, quantity supplied stays the same
- prices go up, quantity supplied goes up
A: prices go up, quantity supplied goes up

Q: The supply curve usually __________.
- is horizontal
- is vertical
- slopes upward
- slopes downward
A: slopes upward

Q: A new technology that reduces the cost of producing shoes would cause __________.
- movement along the supply curve for shoes
- the supply curve for shoes to shift to the left
- the supply curve for shoes to shift to the right
- the quantity supplied of shoes to decrease
A: the supply curve for shoes to shift to the right

Q: Copper is an input used to produce the widgets.  If the price of copper increases __________.
- the supply of widgets will increase
- the supply of widgets will decrease
- there will be an increase in the demand for widgets
- there will be a decrease in the demand for widgets
A: the supply of widgets will decrease