Law of Supply Worksheet
Explore the fundamental economic concept of the Law of Supply with this Grade 6 worksheet, featuring multiple choice, fill-in-the-blanks, and short answer questions.
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Law of Supply Worksheet
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Read each question carefully and answer to the best of your ability.
1. What does the Law of Supply state?
As price increases, quantity supplied decreases.
As price increases, quantity supplied increases.
As price decreases, quantity supplied increases.
Price and quantity supplied are unrelated.
2. Which of the following would likely cause an increase in the supply of ice cream?
A drought that reduces milk production.
A new machine that makes ice cream faster.
An increase in the price of sugar.
A decrease in the number of ice cream sellers.
3. According to the Law of Supply, producers will offer more goods and services at a price and less at a price.
4. A graph that shows the relationship between the price of a good and the quantity supplied is called a curve.
5. Explain in your own words why a higher price often leads to a higher quantity supplied by producers.
6. Look at the supply curve below. If the price of the good is $4, what is the quantity supplied?
7. If the cost of producing a good decreases, the supply of that good will likely decrease.
True
False