Law of Supply Worksheet
A Grade 10 Social Studies worksheet covering the fundamental principles of the Law of Supply, including definitions, determinants, and graphical representation.
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Law of Supply
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Read each question carefully and provide your best answer. This worksheet assesses your understanding of the Law of Supply.
1. The Law of Supply states that, all else being equal, as the price of a good or service , the quantity supplied will also increase.
2. A graph that illustrates the relationship between price and quantity supplied is called a .
3. The primary goal of producers in a market economy is to their profits.
4. An improvement in technology typically leads to an in supply.
5. Which of the following would NOT cause a shift in the supply curve?
Changes in production costs
Changes in technology
Changes in consumer income
Changes in the number of sellers
6. If the government offers a subsidy to producers of a certain good, what is the likely effect on the supply curve for that good?
Shift to the left
Shift to the right
Movement along the curve
No change
7. A decrease in input prices will cause the supply curve to shift to the left.
True
False
8. The Law of Supply assumes that all factors affecting supply, except for price, remain constant.
True
False
9. Define the Law of Supply in your own words.
10. List and briefly explain two factors that can cause the supply curve to shift.
11. Draw a basic supply curve on the graph below, labeling the axes correctly.