10 Economics Crossword Quiz

3. The _____ is when all factors of production involved in making a good are variable. (2 words)
4. What cartel is one of the largest diamond cartels in the world? (2 words)
6. What is defined as the quantity of goods that sellers are prepared to sell at any given price over a period of time?
7. In the short term, supply is likely to be more price _____ than in the long term.
9. What plays a crucial role in determining supply especially in agricultural markets?
10. What happens to supply when there is a rise in cost of production?
12. Who are known as the firms that work together to restrict supply? (2 words)
14. Supply curve shows that firms increase production of a good as its price increases, how will the supply curve look like? (2 words)
16. What measures the responsiveness of changes in quantity supplied to changes in price?
17. Which elasticity of supply refers to a situation when the percentage change in quantity supplied is exactly equal to the percentage change in price?
18. An increase in quantity supplied will change the supply curve to shift to which direction?

1. If producers expect prices to fall in the future, what happens to the production?
2. 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)
4. What happens to the cost of production when new technology is introduced to the production process?
5. A higher production cost will change the supply curve to shift to which direction?
8. What will happen to the quantity supplied of a good when its price rises, assuming that other variables remain the same?
11. What will happen to the quantity supplied if the price of the good rises?
12. Movement along the curve means a change in?
13. What is the main reason sellers increase quantity supplied when prices rise?
15. If a product has many substitutes then its elasticity of supply will be relatively _____?