Shifts in Supply: Grade 11 Economics
This worksheet covers key concepts related to shifts in supply, including determinants of supply, factors causing shifts, and their impact on market equilibrium.
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Shifts in Supply: Grade 11 Economics
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Read each question carefully and answer to the best of your ability. For multiple-choice questions, select the best answer. For short-answer questions, provide concise and accurate responses.
1. Which of the following would most likely cause an increase in the supply of smartphones?
An increase in the price of raw materials for smartphones.
A decrease in the number of smartphone manufacturers.
A technological advancement that lowers production costs.
An increase in consumer demand for smartphones.
2. A decrease in the supply of a product, with no change in demand, will typically lead to:
A decrease in equilibrium price and an increase in equilibrium quantity.
An increase in equilibrium price and a decrease in equilibrium quantity.
Both equilibrium price and quantity remaining unchanged.
An increase in both equilibrium price and quantity.
3. A shift to the right in the supply curve indicates an in supply.
4. Subsidies provided by the government to producers typically lead to an in supply.
5. The expectation of future price increases by producers might lead to a in current supply.
6. Explain the difference between a 'change in quantity supplied' and a 'change in supply.'
7. Identify and briefly explain two factors, other than technology, that can cause a shift in the supply curve.
8. An increase in the number of sellers in a market will cause the supply curve to shift to the left.
True
False
9. A per-unit tax imposed on producers will cause the supply curve to shift to the right.
True
False