ECON Micro Supply

The table below shows the weekly supply for hamburgers in a market where there are just three sellers. PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221 1 If there were 300 sellers in the market, each with a supply schedule identical to seller 1 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $2 would be rev: 05_02_2018 Multiple Choice 200. 600. Correct 900. 1,500.

600

Use the figure below to answer the following question. The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S1 to S3? Multiple Choice a decrease in the price of resources used to produce apples an increase in the number of apple farmers a decrease in the price of apples in the market a decrease in the number of apple farmers Correct

a decrease in the number of apple farmers

Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause Multiple Choice a rightward shift of the supply curve. Correct a leftward shift of the supply curve. a movement up along the current supply curve. a movement down along the current supply curve.

a rightward shift of the supply curve.

Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S2? rev: 05_02_2018 Multiple Choice a tax on wheat production a subsidy for wheat production Correct an increase in the price of wheat a decrease in the price of wheat

a subsidy for wheat production

Which of the following would cause a rightward shift of the supply curve for cell-phone services? Multiple Choice a tax on cell-phone producers a subsidy to cell-phone producers Correct an increase in price of cell-phones a decrease in price of cell-phones

a subsidy to cell-phone producers

Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S3? Multiple Choice a tax on wheat production Correct a subsidy for wheat production an increase in the price of wheat a decrease in the price of wheat

a tax on wheat production

Use the figure below to answer the following question. The diagram shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S3? Multiple Choice a decrease in the cost of maintaining the equipment used in wheat farming an increase in the cost of maintaining the equipment used in wheat farming Correct a decrease in the price of wheat an increase in the number of acres of farmland allocated to wheat

an increase in the cost of maintaining the equipment used in wheat farming

Which of the following will shift the supply curve for USB flash drives to the right? Multiple Choice an increase in the number of buyers an increase in consumers' incomes an increase in the number of sellers Correct an increase in the cost of resources used to manufacture USB flash drives

an increase in the number of sellers

Use the figure below to answer the following question. The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to increase from point a to point b? Multiple Choice a tax on wheat production a subsidy for wheat production an increase in the price of wheat Correct a decrease in the price of wheat

an increase in the price of wheat

Use the figure below to answer the following question. A movement along the supply schedule from point y to point x is associated with Multiple Choice diminishing marginal utility. increasing marginal utility. diminishing marginal product. Correct increasing marginal product.

diminishing marginal product.

Use the figure below to answer the following question. The diagram shows three supply curves for cars today. Which of the following would cause the supply of cars to shift from S1 to S2? Multiple Choice expectations of higher car prices in the future expectations of lower car prices in the future Correct an increase in the price of cars in the market a decrease in the number of car producers

expectations of lower car prices in the future

The table below shows the weekly supply for hamburgers in a market where there are just three sellers. PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221 If the price of a hamburger increases from $2 to $4, then the weekly market quantity of hamburgers supplied will Multiple Choice increase from 5 to 9. decrease from 9 to 5. increase from 5 to 13. Correct decrease from 13 to 5.

increase from 5 to 13.

The table below shows the weekly supply for hamburgers in a market where there are just three sellers. PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221 If the price of a hamburger increases from $3 to $5, then the weekly market quantity of hamburgers supplied will Multiple Choice increase from 13 to 17. decrease from 17 to 13. increase from 9 to 17. Correct decrease from 17 to 9.

increase from 9 to 17.

How did production improvements like an assembly line help the production of Model T cars? Multiple Choice increased the demand for Model T cars increased the supply of Model T cars Correct decreased the demand for Model T cars decreased the supply of Model T cars

increased the supply of Model T cars

Use the figure below to answer the following question. An increase in quantity supplied is depicted by a Multiple Choice move from point y to point x. Correct shift from S1 to S2. shift from S2 to S1. move from point x to point y.

move from point y to point x.

Use the figure below to answer the following question. An increase in quantity supplied caused by a change in price is depicted by a Multiple Choice movement from point y to point x. Correct shift from S1 to S2. shift from S2 to S1. movement from point x to point y.

movement from point y to point x.

Use the figure below to answer the following question. An increase in supply would best be reflected by a change from Multiple Choice point 3 to point 4. point 2 to point 5. point 1 to point 3. point 1 to point 2. Correct

point 1 to point 2.

Use the figure below to answer the following question. The diagram above shows three supply curves for apples. A movement from point a to point b is caused by a change in the Multiple Choice price of resources used to produce apples. number of apple farmers. price of apples in the market. Correct technology of apple farming.

price of apples in the market.

Which one of the following is not assumed to be constant when the supply curve for a product is drawn? Multiple Choice price of the product Correct state of technology number of producers price of inputs used to make the product

price of the product

The vertical axis of a graph that shows a market supply curve indicates the Multiple Choice cost of the amount of output produced. number of sellers who are in the market for this product. various quantities of output at which the market will be cleared. prices at which firms would be willing and able to sell their different products. Correct

prices at which firms would be willing and able to sell their different products.

The upward slope of the supply curve reflects the Multiple Choice principle of specialization in production. principle of diminishing marginal productivity Correct fact that price and quantity supplied are inversely related. law of increasing substitution.

principle of diminishing marginal productivity

The law of supply indicates that, all else held constant, Multiple Choice producers will be willing and able to offer more of a product at high prices than at low prices. Correct the product supply curve is downward-sloping. consumers will be willing and able to purchase less of a good at high prices than at low prices. producers will be willing and able to offer more of a product at low prices than at high prices.

producers will be willing and able to offer more of a product at high prices than at low prices.

All else held constant, if farmers receive a subsidy for their corn, then this would cause a Multiple Choice rightward shift in the current supply of corn. Correct movement up along the current supply curve of corn. leftward shift in the current supply of corn. movement down along the current supply curve of corn.

rightward shift in the current supply of corn.

Use the figure below to answer the following question. A decrease in supply is depicted by a Multiple Choice movement from point x to point y. shift from S1 to S2. shift from S2 to S1. Correct movement from point y to point x.

shift from S2 to S1.

A leftward shift of a product supply curve might be caused by Multiple Choice an improvement in the relevant technique of production. a decline in the prices of needed inputs. an increase in consumer incomes. some firms leaving the industry. Correct

some firms leaving the industry.

If a tax is placed on the production of good X, this will shift the Multiple Choice supply curve for X to the left. Correct supply curve for X to the right. demand curve for X to the left. demand curve for X to the right.

supply curve for X to the left.

All else held constant, if the price of a resource used to produce product X falls, the Multiple Choice supply curve of X will shift to the right. Correct demand curve of X will shift to the right. supply curve of X will shift to the left. supply curve of X will not shift.

supply curve of X will shift to the right.

As frozen yogurt became popular, many different frozen yogurt shops popped up all over the country. This suggests that the Multiple Choice supply of frozen yogurt increased. Correct supply of frozen yogurt decreased. the quantity supplied of frozen yogurt increased. the quantity supplied of frozen yogurt decreased.

supply of frozen yogurt increased.

Because of unseasonably cold weather, the supply of oranges has substantially decreased. This statement indicates the Multiple Choice demand for oranges will necessarily rise. equilibrium quantity of oranges will rise. supply of oranges has declined. Correct price of oranges will fall.

supply of oranges has declined.

Because of unseasonably cold weather, orange crops were destroyed in Florida. This statement indicates that Multiple Choice demand for oranges will necessarily rise. equilibrium quantity of oranges will rise. the amount of orange juice will decrease. Correct the demand for apple juice will decrease.

the amount of orange juice will decrease.