Law of Supply Worksheet
Explore the fundamental economic principle of the Law of Supply with this Grade 9 worksheet, covering definitions, factors affecting supply, and graphical representation.
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Law of Supply Worksheet
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Read each question carefully and answer to the best of your ability. For multiple-choice questions, circle the correct option. For fill-in-the-blanks, complete the sentences with the appropriate economic terms.
1. What does the Law of Supply state?
As price increases, quantity demanded decreases.
As price increases, quantity supplied increases.
As income increases, demand increases.
As price decreases, quantity supplied increases.
2. Which of the following would NOT shift the supply curve to the right?
A decrease in the cost of production.
An improvement in technology.
An increase in the number of sellers.
An increase in consumer income.
3. The relationship between price and quantity supplied is a relationship.
4. A graph showing the relationship between the price of a good and the quantity supplied is called a .
5. One factor that can cause a shift in the supply curve is the cost of .
6. According to the Law of Supply, producers are willing to supply more of a good at lower prices.
True
False
7. An increase in taxes on producers will generally lead to an increase in supply.
True
False
8. Explain the difference between a change in quantity supplied and a change in supply.
9. Analyze the provided supply curve diagram. If the price of the good is $4, what is the quantity supplied? If the quantity supplied is 6 units, what is the price?
Price = $4, Quantity Supplied =
Quantity Supplied = 6 units, Price =