Supply in Economics: Definition & Factors


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question 1 of 3

The Law of Supply states that as prices increase _____.

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1. A change in market price will _____ the supply curve.

2. Supply in economics is defined as a _____ a given good at various price points.

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About This Quiz & Worksheet

Taking a look at how a business stays in the game, this quiz and corresponding worksheet will help you gauge your knowledge of the supply factors in economics. Topics you'll need to know to pass the quiz include understanding what the law of supply states as well as knowing how the change in market price will affect the supply curve.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • What the law of supply states
  • How change in the market price affects the supply curve
  • Definition of supply
  • Supply factor problems

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding how change in the market price affects the supply curve and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information from the related supply factor lesson
  • Problem solving - use acquired knowledge to solve supply factor problems

Additional Learning

To learn more about how we satisfy the demand of the people, review the corresponding lesson called Supply in Economics: Definition & Factors. This lesson will help you:

  • Understand what supply is in economics
  • Identify how the law of supply is typically represented
  • Describe what generates the market supply curve for a product
  • Explain the relationship between price and quantity supplied
  • Appreciate what can increase or decrease supply