Law of Supply Worksheet
An 8th-grade social studies worksheet exploring the Law of Supply, its definition, factors affecting it, and real-world applications.
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Law of Supply Worksheet
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Read each question carefully and provide your best answer. This worksheet will test your understanding of the Law of Supply.
1. The Law of Supply states that as the price of a good or service , the quantity supplied will also increase, and vice versa.
2. When producers are willing to supply more of a good at higher prices, it demonstrates a relationship between price and quantity supplied.
3. A shift in the supply curve to the right indicates an in supply.
1. Which of the following would NOT cause a shift in the supply curve?
Changes in technology
Changes in the price of inputs
Changes in consumer tastes
Changes in the number of sellers
2. If the cost of producing a product decreases, what will likely happen to the supply of that product?
Supply will decrease
Supply will increase
Supply will remain the same
Price will increase
1. The Law of Supply states that producers will offer more of a good as its price falls.
True
False
2. Technological advancements generally lead to a decrease in supply.
True
False
1. Explain the relationship between price and quantity supplied, according to the Law of Supply.
2. Describe two factors that can cause a shift in the supply curve, and explain how each factor affects supply.
Use the words below to complete the sentences.
1. The Law of Supply states that there is a relationship between the of a good and the .
2. Improved can lead to an increase in supply.