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Understanding the Supply Curve

A Grade 10 Social Studies worksheet exploring the concepts and factors influencing the supply curve in economics.

Grade 10 Social studies EconomicsSupply Curve
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Multiple ChoiceFill in the BlanksShort AnswerTrue / FalseCustomWord Bank

Standards

D2.Eco.2.9-12. Explain how and why the availability of productive resources, technology, education, and government policies affect the production of goods and services at the local, national, and global levels.D2.Eco.5.9-12. Analyze the ways in which supply and demand interact to determine prices and quantities in markets.

Topics

EconomicsSupply CurveSupply and DemandSocial StudiesGrade 10
8 sections · Free to use · Printable
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Understanding the Supply Curve

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Read each question carefully and provide thoughtful answers based on your understanding of the supply curve and related economic principles.

1. Which of the following best describes the Law of Supply?

a

As price increases, quantity demanded decreases.

b

As price increases, quantity supplied increases.

c

As income increases, quantity demanded increases.

d

As price decreases, quantity supplied increases.

2. Which of the following factors would cause a shift to the right in the supply curve for smartphones?

a

An increase in the price of smartphone components.

b

A decrease in the number of smartphone manufacturers.

c

A technological advancement in smartphone production.

d

An increase in consumer income.

1. The supply curve typically slopes   because as the price of a good increases, producers are willing and able to supply more of it.

2. A change in the quantity supplied is represented by a movement   the supply curve, while a change in supply is represented by a   of the entire supply curve.

1. Explain the difference between a change in quantity supplied and a change in supply. Provide an example for each.

2. Identify and briefly explain two non-price determinants of supply.

1. An improvement in technology will cause the supply curve to shift to the left.

T

True

F

False

2. Subsidies from the government will generally lead to a decrease in supply.

T

True

F

False

Analyze the supply curve below and answer the questions that follow.

0 Quantity Price S (10, 2) (40, 5) (70, 8) 2 3 4 5 6 7 8 10 20 30 40 50 60 70

a) According to the graph, what is the quantity supplied when the price is $5?

b) If the price increases from $3 to $7, what happens to the quantity supplied?

Use the words below to complete the sentences.

upward
production costs
technology
number of sellers

1. The supply curve has an   slope, indicating a direct relationship between price and quantity supplied.

2. A decrease in   will lead to an increase in supply.

3. Improvements in   can significantly increase the efficiency of production, leading to a shift in the supply curve.

4. An increase in the   in a market will generally increase the overall supply.