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- 1. Multiple ChoiceThis part of the market determines SUPPLYbuyerssellersconsumersus
- 2. Multiple Choice
Law of supply states that producers will offer ______________ of a product as its price increases.
none
some
more
less
- 3. Multiple Choice
Law of supply states that producers will offer ______________ of a product as its price decreases.
less
more
none
some
- 4. Multiple ChoiceWhich of the following is the best example of the law of supply?a milling company builds a new factory to process flour for exporta catering company buys a new dishwasher to make their work easiera food producer increases the number of acres of wheat he grows to supply a milling companya sandwich shop increases the number of sandwiches they supply every day when the price is increased
- 5. Multiple Choice
Which graph below shows the SUPPLY CURVE?ABCD - 6. Multiple Choice
the amount of product producers are willing to bring to the market at any price.
quantity supplied
total product
theory of production
law of supply
- 7. Multiple Choice
This image represents a(n):
supply schedule
demand schedule
demand curve
supply curve
- 8. Multiple Choice
Movement along a supply curve demonstrates
a change in quantity supplied
a change in quantity demanded
a change in supply
a change in demand
- 9. Multiple Choice
Which of the following supply curves demonstrates a decrease in the quantity supplied?
- 10. Multiple Choice
Which of the following supply curves demonstrates an increase in the quantity supplied?
- 11. Multiple ChoiceHow many cup holders are producers willing to supply at a price of $2.50?3,0004,0005,0007,000
- 12. Multiple ChoiceHow Many cup holders are producers willing to supply at a price of $3.00?3,0004,0005,0007,000
- 13. Multiple Choice
A shift in a supply curve demonstrates
a change in quantity supplied
a change in quantity demanded
a change in supply
a change in demand
- 14. Multiple Choice
A decrease in supply is demonstrated by which of the following?
- 15. Multiple Choice
An increase in supply is demonstrated by which of the following?
- 16. Multiple Choice
A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?
- 17. Multiple ChoiceWhich of the following would not shift the supply curve for iphones?an increase in the price of iphonesa decrease in the number of sellers of iphonean increase in the price of plastic, an input into the production of iphonesan improvement in the technology used to produce iphones
- 18. Multiple Choice
A cause, or determinant, of the change seen in this graph would be:
An increase in the cost of cocoa beans used in making chocolate
Government subsidies that make production cheaper
Using more efficient, automated machinery to reduce production costs
An increase in the number of suppliers (competitors)
- 19. Multiple Choice
A cause, or determinant, of the change seen in this graph would be:
Sellers expect prices to go down in the future
Taxes on steel make it more expensive to produce
An increase in price led to increase in quantity supplied
Government regulations increase the cost of production
- 20. Multiple ChoiceThis determinant of supply includes both raw material and labor. It also states that when the price of it decreases, the supply increases.Government ToolsPrices of ResourcesTechnologyCompetition
- 21. Multiple ChoiceWith regards to determinants of supply, loose government regulation tends to...decrease supplycause rebellion/revoltsincrease supplyshift the curve to the left
- 22. Multiple Choice
All of the following are determinants of supply except:
technology
number of suppliers
cost of resources/inputs
consumer tastes and preferences
- 23. Multiple ChoiceIf a new, huge oil reservoir was found in Ohio, this would cause the ___________ curve for oil and gas to shift ____________.demand.........rightdemand.........leftsupply.......rightsupply....... left
- 24. Multiple ChoiceWhat causes movement along the supply curve?Taxes, Subsidies, Regulations, cost of inputsONLY a change in price
- 25. Multiple ChoiceMore sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?they decrease (curve shifts left)they increase (curve shifts right)they stay the same (the curve stays)
- 26. Multiple ChoiceWhich of the following does not cause a change in supply?Government regulations.New Technology.Change in price.Changes in productivity.
- 27. Multiple ChoiceDoes this supply schedule follow the law of supply?YesNo
- 28. Multiple Choice
If technology improves, what effect does this typically have on supply?
increase (movement to the right)
decrease (movement to the left)
stay the same
- 29. Multiple ChoiceIf the government increases taxes on certain businesses, what happens to the supply?Go upGo downstay the same
- 30. Multiple ChoiceThe United States government has initiated a subsidy for all solar panel producersIncrease in SupplyDecrease in Supply
- 31. Multiple ChoiceWhat would increase the supply of manufactured clothing?increase in taxesgovernment reduces subsidiesdecrease in wages paid to workersincrease in the cost of material
- 32. Multiple ChoiceThe price of tires have decreased and subsequently the supply of cars have increased because.price of related gooddecrease in taxesdecrease in the cost of resourcesincrease in subsidies
- 33. Multiple ChoiceThe increase of use of robots in automotive manufacturing has increased the supply of cars becauseimprovements in technologydecrease in the price of resourcesincrease in subsidiesdecrease in taxes
- 34. Multiple Choice
Drought has hit the South East Asia and has the supply of onions will
increase
decrease
- 35. Multiple Choice
A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?
The supply probably went up.
The supply probably went down.
- 36. Multiple Choice
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
- Answer choicesTagsAnswer choicesTags