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Understanding the Law of Supply Quiz

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1. What happens according to the Law of Supply if the price of a product increases?

2. In which circumstance might the Law of Supply not hold true?

3. What does the upward slope of the supply curve imply in terms of the Law of Supply?

4. What is the supply schedule?

5. What is the main factor that causes a movement along the supply curve?

6. Which factor can shift the supply curve to the left?

7. What happens when the supply curve shifts to the right?

8. What is the difference between a change in supply and a change in quantity supplied?

9. How does a subsidy to producers affect the supply curve?

10. What impact does an improvement in technology typically have on the supply curve, according to the Law of Supply?