Law of Supply Worksheet
Explore the economic principle of the Law of Supply with this Grade 7 worksheet, covering definitions, factors affecting supply, and interpreting supply curves.
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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 demanded increases.
As price decreases, quantity supplied increases.
As price increases, quantity supplied increases.
As price decreases, quantity demanded decreases.
2. Which of the following would NOT cause a shift in the supply curve?
Changes in technology
Changes in input costs
Changes in consumer preferences
Changes in the number of sellers
1. According to the Law of Supply, producers are willing to supply more of a good at higher prices.
True
False
2. An increase in production costs will generally lead to an increase in supply.
True
False
1. The Law of Supply states that, all else being equal, as the price of a good or service , the quantity supplied .
2. A graph that shows the relationship between the price of a good and the quantity supplied is called a .
3. If the government offers a subsidy to producers, the supply curve will shift to the .
1. Explain the difference between a change in quantity supplied and a change in supply.
2. List two factors that can cause the supply curve to shift to the right.
Analyze the following supply curve diagram and answer the questions below.
1. What happens to the quantity supplied as the price increases in the diagram?
2. If the supply curve shifted to the right, what would that indicate about the willingness of producers to sell this good at each price level?