What does a supply curve show?
A firm will supply more when consumers' purchasing power increases.
The higher the price, the fewer goods are supplied as costs of production increase.
The lower the price, the more profit is made by the firm.
There is a positive relationship between quantity supplied and price.
The table shows the supply for a product at different prices.
If the price changes from $ 12 to $ 14, what will be the change in supply?
Supply will contract by 40 units and there will be a movement down along the supply curve.
Supply will contract by 200 units and there will be an inward shift of the supply curve.
Supply will extend by 40 units and there will be a movement up along the supply curve.
Supply will extend by 200 units and there will be an outward shift of the supply curve.
The diagram shows the supply curve for a good.
What is the name and cause of the movement from X to Y ?
a contraction of supply caused by a decrease in demand
a contraction of supply caused by an increase in demand
an extension of supply caused by a decrease in demand
an extension of supply caused by an increase in demand