Supply Curve Analysis Worksheet
This worksheet helps students understand the concept of the supply curve, its determinants, and how it shifts in response to various factors.
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Supply Curve Analysis
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Read each question carefully and answer to the best of your ability. Refer to your knowledge of supply curves and their determinants.
1. Which of the following best describes a supply curve?
A graph showing the quantity demanded at various prices.
A graph showing the quantity supplied at various prices.
A graph showing the relationship between price and consumer income.
A graph showing the cost of production for a good.
2. An increase in the price of inputs will generally cause the supply curve to:
Shift to the right.
Shift to the left.
Move along the curve upwards.
Move along the curve downwards.
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 technological improvement in production will typically cause the supply curve to shift to the .
3. Subsidies from the government tend to the cost of production, leading to an increase in supply.
1. Explain the difference between a change in quantity supplied and a change in supply. Provide an example for each.
1. A decrease in the number of sellers in a market will cause the supply curve to shift to the right.
True
False
2. Expectations of a future price increase for a good will likely lead to an immediate decrease in its supply.
True
False
3. Draw a supply curve on the graph below. Label the axes and show an initial equilibrium point. Then, illustrate the effect of a decrease in the cost of production by drawing a new supply curve and labeling the new equilibrium.