Chapter 5 Section 2: Supply Curve Shifts

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I. When Supply Changes, the Curve shifts

1. A rightward shift means supply has ______ *

1 point

2. A leftward shift means supply has ______ *

1 point

II. What Factors Cause Supply Curves to Shift

Resource prices

1. A decrease in a resource price increases supply. The supply curve shifts to the ________ *

1 point

2. An increase in a resource price decreases supply. The supply curve shifts to the _______ *

1 point

3. An advancement in _____ increases supply. The supply curve shifts to the right *

1 point

4. Taxes: A(n) increase in _____ decreases supply. The supply curve shifts to the left *

1 point

5. If a tax is ________, the supply curve will shift back to the right. *

1 point

6. Subsidies: An increase in _____ increases supply. The supply curve shifts to the right *

1 point

7. If a subsidy is _______, the supply curve will shift back to the left *

1 point

8. Quotas: A quota _______ supply. The supply curve shifts to the left *

1 point

9. If a(n) ________ is eliminated, the supply curve will shift back to the right. *

1 point

10. An _______ in the number of sellers increases supply, and the supply curve shifts to the right *

1 point

11. A ______ in the number of sellers decreases supply, and the supply curve shifts to the left. *

1 point

12. Future _________ *

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13. Bad ________ may decrease the supply of some agricultural products. Usually good ____ can increase supply *

1 point

III. What Factors Cause a Change in Quantity Supplied?

1. The only factor that can cause a change in quantity supplied of a good is a change in the ______ of a good. *

1 point

2. A change in _______ supplied is shown as a movement along a given supply curve. *

1 point

IV. Elasticity of Supply

1. Elasticity of supply is the relationship between the percentage change in quantity supplied and the percentage change in ________ *

1 point

1. _______ supply exists when the percentage change in quantity supplied (the numerator) is greater than the percentage change in price (the denominator) *

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2. _______ supply exists when the percentage change in quantity supplied (the numerator) is less than the percentage change in price (the denominator). *

1 point

3. __________ supply exists when the percentage change in quantity supplied (the numerator) is the same as the percentage change in price (the denominator) *

1 point

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