Understanding Shifts in Supply
This worksheet explores the factors that cause shifts in the supply curve and their impact on market equilibrium, suitable for Grade 12 Economics.
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Understanding Shifts in Supply
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Read each question carefully and provide thoughtful answers. For multiple-choice questions, select the best option. For fill-in-the-blank questions, complete the sentence with the appropriate term. For short-answer questions, write a concise response.
1. Which of the following would NOT cause a shift in the supply curve for smartphones?
A decrease in the cost of labor for manufacturing.
An increase in the price of smartphones.
New technology that makes production more efficient.
A government subsidy for smartphone manufacturers.
2. A decrease in the number of sellers in a market will typically lead to a(n) in supply.
increase
decrease
no change
a shift along the curve
3. A shift in the supply curve to the right indicates a(n) in supply at every price level.
4. The cost of , such as raw materials and labor, is a major determinant of supply.
5. Government interventions like taxes or can cause shifts in the supply curve.
6. Explain the difference between a change in quantity supplied and a shift in supply.
7. Describe two factors that could lead to an increase in the supply of electric vehicles.
8. An improvement in technology generally leads to a decrease in supply.
True
False
9. If the price of a substitute in production increases, the supply of the original good will decrease.
True
False
Match each factor with its likely effect on the supply curve.
10. Increase in production costs
a. Shifts supply curve to the right
11. Favorable weather for agriculture
b. Shifts supply curve to the left
12. Technological advancement
c. No shift in supply curve
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