Assessment - Factors That Affect Supply

Directions: Using what you learned about supply to complete this assessment. Please copy and paste into either the online text box or into a document that you can upload.

Match each term with its definition.

6. Copy and paste an image/diagram that represents the law of demand.

7. Use the supply schedule below to create a supply curve for a supplier's production of pizza.

Price of a Quantity supplied

slice of pizza per day

$0.50 1

$1.00 2

$1.50 3

$2.00 4

$2.50 5

$3.00 6

8. At a price of $2.00, the supplier will produce

________slices of pizza per day.

9. Delta, the airline, raises it's prices on plane tickets during March and April (spring break) to locations such as Florida, Mexico, and California. This is an example of which factor of supply? Explain

10. Juan owns a restaurant and his electricity bill doubled. To offset this cost Juan now has to raise the prices on his menu. This is an example of what factor of supply? Explain

11. Verizon wireless came out with the first iPhone and they were instantly popular. Soon after AT&T, Sprint, and eventually T-Mobile also supplier iPhones. As a result, Verizon lowered its supply of the iPhone. This is an example of which factor of supply? Explain

12. Gao is a dentist and owns her own practice. She recently invested in new equipment that allows her hygienists to clean people's teeth twice as fast than with the older equipment. Gao has been able to double her patient load. This is an example of what factor of supply? Explain