10 Economics Crossword Quiz

2. What measures the responsiveness of changes in quantity supplied to changes in price?
4. What do you call a fall in the price of a good that leads to a decrease in quantity supplied? (3 words)
5. Which elasticity of supply refers to a situation when the percentage change in quantity supplied is exactly equal to the percentage change in price?
8. What do you call the difference between the market price, which the firm receives, and the price at which it is prepared to supply? (2 words)
11. What will happen to the quantity supplied of a good when its price rises, assuming that other variables remain the same?
12. If a product has many substitutes then its elasticity of supply will be relatively _____?
13. The _____ is when all factors of production involved in making a good are variable. (2 words)
14. An increase in quantity supplied will change the supply curve to shift to which direction?
16. What cartel is one of the largest diamond cartels in the world? (2 words)
17. What happens to supply when there is a rise in cost of production?
19. What happens to the cost of production when new technology is introduced to the production process?

1. Supply curve shows that firms increase production of a good as its price increases, how will the supply curve look like? (2 words)
3. Who are known as the firms that work together to restrict supply? (2 words)
6. What is the main reason sellers increase quantity supplied when prices rise?
7. What is defined as the quantity of goods that sellers are prepared to sell at any given price over a period of time?
9. A higher production cost will change the supply curve to shift to which direction?
10. If producers expect prices to fall in the future, what happens to the production?
11. In the short term, supply is likely to be more price _____ than in the long term.
15. What plays a crucial role in determining supply especially in agricultural markets?
18. Movement along the curve means a change in?