Supply

The size of the producer subsidy will influence the :

-Size of the shift in supply .

Seller expectation are:

-The anticipated future outcome that sellers associate with the production of a good, service, or resource.

When a nonprice determinant of supply changes:

-The entire supply relationship changes.

A Tax is a payment made to:

-The government that is the result of economic activity.

A change in the price of a good will effect:

-The quantity of that good supplied to the market.

A tax on producers:

-Increases the cost of producing.

Payments (Subsidies or changes (taxes) initially affect the:

-Quantity trade and the market price of the good and services. -Supply of output in the market place.

A graphical representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply is known as the supply _____.

Curve.

The supply ______ displays in a graph the information found in the supply schedule.

Curve.

Taxes and subsidies:

-Alter the cost or benefits of producing goods and services.

An increase in the quantity of the good, service, or resource supplied at every price is:

-An increase in supply.

If consumers believe that prices will decrease in the future:

-Demand decreases Today.

Firms will be willing and able to produce more output only when prices rise, because the:

-Opportunity cost of production is increasing.

Companies will be willing and able to produce additional units of a good only if the:

-Price of the good increase enough to cover the increasing costs.

When we talk about the supply of a good, we are referring to the:

-Quantity of the good producers are willing and able to supply at a variety of different prices over a fixed time period, all else held constant.

The factors that cause a shift in the supply curve include.

-Resource costs and availability. -Technology. -The number of sellers. -Expectations about market conditions.

Better technology can:

-Result in an increase in supply in the market. -Significantly decrease the cost of producing a good.

The supply curve will shift to the:

-Right, when producers expect lower prices in the future.

The anticipated future outcome, including prices, that sellers associate with the production of a good, service, or resource are expected of the ______.

-Seller.

Market anticipated who are willing and able to sell good, service, or resource are known as:

-Sellers.

The size of the supply shift is determined by the:

-Size of the producer tax.

Taxes and subsidies matter, because they :

-Stimulate production or collect revenue. -Have unanticipated effects on other markets.

To simplify analysis in economics, supply curve are often drawn as:

-Straight Lines.

Market supply is the:

-Sum of individual supply added together.

The three different ways of expressing information about the supply of a good, service, or resource are:

-Supply -Supply curve -supply schedule

Suppose once student return to campus after the summer, they discover three new pizza places. Based on this information , we can conclude that the:

-Supply of pizza will increase.

The supply curve displays the:

-Supply of the good showing the different prices and their corresponding quantities supplied.

If wood prices fall, the:

-Supply of wooden toys will increase.

When farmer continues to add pounds of fertilizer to the fixed farm area that she has, Eventually:

-The additional output for each pound of fertilizer will fall.

The supply curve will shift to the left.

-The number of sellers increase. -Producers expert lower future prices.

If production of a good involves a lower cost:

-The opportunity cost ( in term of other goods that could have been produced) has decreased.

If production of a good involves a lower cost:

-The opportunity cost (in terms of other good that could have been produced) had decreased.

If production of a good involves a lower cost:

-The opportunity cost of producing other goods had increased.

According to the law of supply, as price of a good, service, or resource rises:

-The quantity supplied will increase, and vice versa, all else held constant.

When a nonprice determinant of supply changes:

-The supply curve shifts to the right or to the left. -The entire supply relationship changes.

If tomatoes can be planted more closely together:

-The supply of tomatoes will increase. -The supply curve will shift to the right. -Each acre of land can produce more tomatoes than before.

The size of the supply shift is determined by the:

-size of the producer subsidy.

The size of the producer tax determines the :

-size of the supply shift.

A change in taxes and subsidies on producer alters market __________ , But not market_____________.

-supply -Demand

On the supply side of the market, when the price of a good Increases, the quantity supplied of the good____________.

Increases.

When less of a good, service, or resource is supplied at every price, there is a

Leftward shift of the supply curve.

The sum of individual supply curves added together reflects the ___________ supply.

Market.

The supply ____________ displays the supply in a Table showing the different prices and their corresponding quantities supplied.

Schedule.

When we say in economics that there is an increase in supply, we mean that the supply curve:

Shifts to the right.

A _____________ to producers lower the cost of producing.

Subsidy

Any change in the availability and quality of resources and technology will likely affect the:

-Quantity are willing and able to supply to the market at every price.

Resource are:

-Land, Labor, Capital, and entrepreneurial ability. -Inputs used to produce good and service.

The horizontal summation of the quantities supplied by individual, firms, states, or even nation at each price over a fixed time period represent the:

-Market Supply.

The sum of individual supply curve added together reflects the:

-Market Supply.

The overall, or total, supply of a good, service, or resources is the:

-Market supply.

When we say in economics that there is an increase in supply, we mean that:

-More output is being supplied at every price, all else held constant.

Shifts in supply can be:

-Parallel and nonparallel.

All the following can shift the supply curve except:

-A change in income.

Inputs used to produce and services are:

-Resources.

A payment made to the government that is the result of economic activity is a _____.

Tax.

The quantity of a good supplied to the market is affected by:

-A change in the price of a good.

A decrease in the quantity of a good, service, or resources supplied at every price is:

-A decrease in supply.

When more of a good service, or resource is supplied at every price, there is:

-A rightward shift of the supply curve.

Subsidies most often take the form of payment to:

-Businesses.

A subsidy is a payment made:

-By the government that does not necessarily require an exchange of economic activity in return.

Resource include:

-Capital -Labor -Entrepreneurial Ability -Land

Resources (such as land) and technology (such as the ability to draw water from a well):

-Contribute.

Consumer expectation influence the ________ curve, and producer expectations influence the _______ curve,

-Demand -Supply

The principle that if at least one input of production is fixed, the marginal productivity of additional variable resources will eventually fall, all else held constant, is known as:

-Diminishing Marginal Productivity.

The price of a good and the quantity supplied are:

-Directly related.

A change in supply:

-Does not have to be parallel shift.

A change in supply:

-Has the effect of shifting the entire supply curve to the right and left.

According to diminishing marginal productivity.

-If at least one input of production is fixed, the marginal productivity of additional variable resources will eventually fall, all else held constant.

According to the law of supply, if the price of apple juice rises, producers of the apple juice will be willing and able to:

-Increase the quantity of apple juice they supply to the market.

Taxes are generally collected from:

-Individule

Technology is the:

-Knowledge, Invention, and innovations that can potentially increase resource productivity.

In economics, a straight line is often called.

A Curve.

In economics, a Straight is often called.

A curve.

The supply curve will shift to the left when producers expect:

Higher prices in the future and there are fewer sellers.

The law of supply tell us that:

Higher prices result in higher quantities being supplied.

Taxes and subsidies that are placed on businesses are likely to shift the ______ curve.

Supply.

The law of ________ tells us that higher prices result in higher quantities being supplied.

Supply.

The supply schedule displays the supply in a ________ showing the different prices and their corresponding quantities supplied.

Table.