Chapter 5 Supply

What is the difference between a change in quantity supplied and a change in supply?

A change in quantity supplied is always caused by a change in price, whereas a change in supply is caused by something else. A change in quantity supplied is always a movement along the supply curve, whereas a change in supply is a movement to a new supply curve.

Which answer best describes "quantity supplied"? Multiple choice question.

A specific price-quantity combination on either a supply schedule or a supply curve

Why will a business adopt new technology?

Because the lower cost of production will shift the supply curve to the right. Because it will lower the cost of production.

True or false: An increase in the cost of any factor of production used in producing something can cause a change in quantity supplied.

False

Why is the supply curve upward-sloping? Multiple choice question.

Producers are usually willing to offer more at higher prices than at lower ones.

Which of these results in a change in supply?

Suppliers decide to offer different amounts of a product for sale at all possible prices in the market.

What do we call the principle that more will be offered for sale at higher prices than at lower ones?

The Law of Supply

What is a key difference between a change in quantity supplied and a change in supply?

The change in quantity supplied is a movement along the supply curve, whereas the change in supply is a movement of the supply curve. A change in price is the only thing that can cause a change in quantity supplied; it cannot cause a change in supply.

What is the difference between a supply schedule and a supply curve?

The supply schedule is a listing, whereas the supply curve is a graph.

Sometimes suppliers decide to offer different amounts for sale at all possible prices in the market. This is called

a change in supply.

Profits are maximized where marginal Why will a business adopt new technology?Blank 1Blank 1 Why will a business adopt new technology? , Incorrect Unavailable equals marginal dddBlank 2Blank 2 ddd , Incorrect Unavailable.

cost Blank 2: revenue

Because producers are usually willing to offer more at higher prices, we say that prices act as a(n) _________ to produce.

incentive, inducement, or motivation

Prices act as an incentive to produce because producers bring

more to market at higher prices than at lower ones. less to market at lower prices than at higher ones.

The figure here shows the supply on the left as a table, whereas the supply on the right is a graph.

schedule Blank 2: curve

What do we call the amount of a product that would be produced, grown, or acquired and offered for sale at all possible prices that could prevail in the market?

supply

Factors that can cause a change in supply include a change in

the cost of productive inputs. technology. government regulations.

The economic concept of supply is

the different amounts of a product offered for sale at all possible prices in the market

The Law of Supply is

the principle that more will be offered for sale at higher prices than at lower prices.

Because producers are usually willing to offer more products at higher prices than at lower ones,

the supply schedule shows decreasing quantities for sale at lower prices. the supply curve is upward-sloping.