Graph
Supply shifters
Supply basics
Real world applications
Wild card
100
What does this graph show?
A supply shift to the left
100
What way would adding more technology shift the graph?
Shift to the right
100
This law states that as the price of a good increases, the quantity supplied also increases.
The law of supply
100
Brad owns a coffee shop, the price of coffee beans has gone down in the last month. What way will this shift the supply of the coffee beans.
The supply will increase or a shift to the right
100
what color is the sky?
Blue
200
What variable is always on the y-axis of a supply graph?
Price
200
What is one of the three things that can shift the graph based on government influences?
Taxes, subsidies, or law and regulation
200
What is a shift in supply?
When the curve shifts to the left or the right
200
If a new environmental regulation makes it more expensive for factories to dispose of waste, their supply curve will shift this way.
Shift to the left
200
How many Stanley cups have the avalanche won?
3
300
What is the line representing supply called?
The supply curve
300
If suppliers are removed from the market what way would the curve shift?
Shift curve to the left
300
On a standard supply graph what way does the curve go?
Upward
300
The invention of the assembly line by Henry Ford caused the supply curve for automobiles to undergo this specific graphic change.
A shift to the right
300
What is the capital of Washington?
Olympia
400
What variable is always on the x-axis of a supply graph?
Quantity supplied
400
If sellers expect the price of the product to fall in the future what way will the curve shift?
Shift to the right
400
This term describes a table that shows relationship between price and quantity supplied.
Supply schedule
400
When the price of lithium (a key component in batteries) triples, how will it shift the supply for electric cars.
The supply will decrease or a shift to the left
400
How many provinces are in Canada?
10
500
What happens to the relationship between price and quantity supplied in this graph?
It will cost less money to produce more goods/services
500
If the cost to produce a good or service rises what will happen to the curve?
It will shift to the left
500
This phrase means "all other things being equal" or all other things remaining constant.
Ceteris paribus
500
If a seller knows the price for his product is gonna rise in the future, how will he maximize his profits?
He will hold on to them so he can sell them later when the price is higher
500
How much does the Costco double chocolate chunk cookie cost?
$2.49