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The Upward-Sloping Supply Curve

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

An improvement in technology affecting businesses in country A will most likely lead to which of the following?

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1. A natural disaster strikes country A, destroying bakeries across half of the country. How will this affect the supply of cakes?

2. Which of the following statements is FALSE regarding the supply curve?

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About This Quiz & Worksheet

The upward-sloping supply curve is an instrument used to explain basic economic theory. Using this quiz and worksheet, you will be able to test your grasp on concepts that underlie the laws of the supply curve.

Quiz & Worksheet Goals

Use the assessment tools to test your understanding of the supply curve's function and relationship with:

  • Price and quantity
  • Natural disasters
  • Technological improvements
  • Marketplace competition
  • Factors of supply shifters

Skills Practiced

  • Defining key concepts - ensure you can define key terms like goods, services, and suppliers
  • Reading comprehension - ensure that you draw important information from the related upward-sloping supply curve lesson about the connection between price, quantity and supply
  • Making connections - use the understanding of supply curve concepts in different contexts

Additional Learning

To learn more about the upward-sloping supply curve, check out the accompanying lesson. This lesson covers the following:

  • Understand a supply schedule
  • Know how the upward-sloping supply curve is derived from a supply schedule
  • Define terms like supply shifters
  • Know how prices of inputs and natural disasters might affect supply
  • Understand how returns from alternative activities can affect profit
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