Chapter 5 economics test

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The price of salsa rises. How does the increase in the price of salsa affect the supply of salsa?

There is no change to the supply of salsa but the quantity of salsa supplied increases

market supply

Total of everything produced by companies in same industry

Determinants of supply

Trends, Inputs (cost of production), Expectations (future price), Sellers (number of firms)

Supply curves are

Upward sloping

To be part of the supply for a good, a producer must be

Both able and willing to supply the good

Which of the following results in a rightward shift of the supply curve of rutabagas?

A fall in the price of fertilizer used to grow rutabagas

Supply

Ability and willingness to produce

An increase in the number of pineapple growers result in

An increase in the supply of pineapples and a rightward shift in the supply curve of pineapples

Law of supply

As prices increase quantity supplied increases, opposite is also true

Mulch is shredded wood and is a by-product in the production of lumber. Because these two goods are produced together, they are

Complements in production

Advances in productivity increase supply because they

Decrease the cost of production

Which of the following helps explain why the law of supply exists?

Larger outputs result in higher costs of production

Which of the following increase the supply of a product

Lower prices for the resources used to produce the product

Elasticity of supply

Measure how sensitive quantity supplied is to price change

Supply schedule

Ordered pairs make supply curve

Substitutes

Product has options

Complements

Production yield by-product

If the number of sellers decreases, then the supply curve ________ and the supply ________

Shifts leftward; decreases

In a supply schedule, which of the following changes?

The price of the good


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