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- 1. Multiple Choice
What is the law of supply?
The lower the price, the larger the quantity produced.
A smaller the quantity will be produced because the price is higher.
The lower the price, the smaller the quantity produced.
Price doesn’t affect the manufacturers production of a good.
- 2. Multiple Choice
What might cause the supply curve to shift left?
price of a complementary good decreases
large number of producers enter the market
computer processing improves production
a new law is passed requiring all new motorcycles to have back-up cameras
- 3. Multiple Choice
Which of the following leads to an decrease in supply?
an increase in the cost of raw materials
diminishing marginal returns
a decrease in the cost of raw materials
a change in the law of supply
- 4. Multiple Choice
As opposed to movement along the supply curve, a change (shift) in the entire supply curve is a result of ____.
an increase in price
a change in price and availability
a decrease in price
a change in something other than price
- 5. Multiple Choice
Which of these do the producers of an item hope to achieve when adopting new technology?
a shift of the supply curve for that item to the left
repeal of the subsidy for that item
inelasticity of supply of that item
a shift of the supply curve for that item to the right
- 6. Multiple Choice
What affect do excise taxes on production usually have on the supply curve?
decreases supply, supply curve shifts left
increases supply, supply curve shifts left
decreases supply, supply curve shifts right
increases supply, supply curve shifts right
- 7. Multiple Choice
Which of the following leads to an increase in supply?
Gallery Furniture will raise prices on all wood furniture
six new companies begin producing smart phones
price of a complementary good goes down
increased cyclical employment
- 8. Multiple Choice
Which of these best describes the influence of high prices on the behavior of producers?
High prices are an incentive for producers to produce more.
Producers will use fewer raw materials and less labor
High prices are an incentive for producers to produce less.
Prices have no incentive for producers.
- 9. Multiple Choice
What might cause the supply curve to shift right?
price of a substitute good increases
new government regulations
a popular toys loses appeal
labor unions accept large decrease in wages
- 10. Multiple Choice
All of the following can change the supply curve EXCEPT
cost of labor
change in demand for the product
xpectation that prices are about to increase
# of sellers
- 11. Multiple Choice
A shift in a supply curve demonstrates
a change in quantity supplied
change in quantity demanded
a change in supply
a change in demand
- 12. Multiple Choice
Which of the following supply curves demonstrates a decrease in the quantity supplied?
- 13. Multiple Choice
An increase in supply is indicated by which graph?
- 14. Multiple Choice
A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?
- 15. Multiple Choice
The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?
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