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- 1. Multiple ChoiceWhich of the following is NOT one of the determinants of supply?Change in cost of resources/inputsChange in number of sellersSubstitutesChange in technology
- 2. Multiple Choice
Identify the correct determinant of supply:
Example: If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases
Cost of resources
Number of sellers
Change in expectations
Change in technology
- 3. Multiple ChoiceIdentify the correct determinant of supply.
Example: If the government requires factories to reduce pollution, complying will initially increase costs of production in the market and reduce supply.Government regulationCost of resourcesChange in educationChange in technology - 4. Multiple ChoiceIdentify the correct determinant of supply.
Example: As the demand for DVDs decreased due to consumer preference for streaming movies, the market price for DVDs fell. This lower market price caused sellers to leave the DVD market and supply decreased.Government regulationChange in number of sellersChange in incomeChange in expectations - 5. Multiple ChoiceIdentify the correct determinant of supply.
Example: If airlines expect prices for airline tickets to fall in September when families are less likely to travel due the school calendar, they will supply more during the summer months when they can charge higher fares.Change in incomeChange in number of sellersExpectationsChange in technology - 6. Multiple ChoiceIdentify the correct determinant of supply.
Examples: When auto manufacturer were able to implement robotics on the production line, automobiles were produced more quickly and at a smaller cost per unit. This allowed the industry to supply more cars.Government regulationsExpectationsNumber of sellersChange in technology - 7. Multiple ChoiceIdentify the correct determinant of supply.
Example: An economic boom allows skilled workers to move from fast food jobs into white collar office administration jobs. Fast food producers are forced to hire less skilled workers and supply of fast food decreases.Change in educationGovernment regulationNumber of sellersExpectations - 8. Multiple ChoiceLabor costs are rising through the roof! Minimum wages are now at $25 an hour. This means even the basic item will need to cost more to keep up with rising costs. What determinant of supply does this most relate to?Change in TechnologyChange in Number of Sellers in the MarketChange in Cost of Factors of Production
- 9. Multiple ChoiceA brand new machine cooks, cleans, and never messes up a fast food order. This means we can sell more fast food than ever before, leading to producers cutting cost of fast food. Which supply factor does this most likely relate to?Change in TechnologyChange in Profit Opportunities Producing other ProductsChange in Producers' Price Expectations
- 10. Multiple ChoiceThe sellers of Twinkies also sell healthy foods. With all the health regulations we have now, the sellers of Twinkies want to sell more healthy foods. The supply of Twinkies will decrease. What supply factor does this best relate to?Change in TechnologyChange in Number of Sellers in the MarketChange in Profit Opportunities Producing other Products
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