Junderhill
Unit 2
2013
Name:_________________________
Ch. 5-1 Homework Quiz
_____1)
_____2)
_____3)
a.
b.
c.
d.
According to the law of supply as price increases
Buyers want to buy less
Buyers want to buy more
Businesses want to produce more
Businesses want to produce less.
a.
b.
c.
d.
Elasticity of supply measures
How much is produced at each price.
How consumers react to a change in price.
How suppliers react to a change in price.
How much is produced at each price.
a.
b.
c.
d.
Which of the following businesses has an elastic supply?
Photographer
Hotel
Car Manufacturer
Television Manufacturer
_____4)
Which of the following characteristics is always true about the supply
curve?
a. The curve slopes down and to the right.
b. Quantity and quality are always being measured.
c. The graph is accurate when outside factors are changed.
d. The curve always slopes up and to the right.
_____5)
If the price of pizza increases and Michelangelo increases his supply of
pizza in the short run this information informs us that Michelangelo’s pizza
shop
a. Has an elastic supply of pizza.
b. Has an inelastic supply of pizza.
c. Has an elastic demand for pizza.
d. Has an inelastic demand for pizza.