Economics 202 Module 4.1
An increase in the price of pineapples will result in
a larger quantity of pineapples supplied
A decrease in the price of GPS systems will result in
a smaller quantity of GPS systems supplied.
supply schedule
a table that shows the relationship between the price of a product and the quantity of the product supplied
supply
is the number of units that sellers will offer for sale at various prices
The supply curve for watches
shows the relationship between the price of watches and the quantity of watches supplied.
An increase in the quantity of a product supplied is caused by an increase in the price of the product.
True
Quantity supplied refers to the amount of a good or service that a firm is willing and able to supply at a given price
True
quantity supplied
the amount of a good or service that a firm is willing and able to supply a given price
supply curve
A curve that shows the relationship between the price of a product and the quantity of the product supplied
All else equal, as the price of a product falls, the quantity supplied increases
False
law of supply
The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied.
In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the United States?
The supply curve shifted to the left.
If the United States placed an embargo on Swedish products, what would happen in the U.S. market for Swedish furniture?
The supply curve would shift to the left.
Last year, the Pottery Palace supplied 8,000 ceramic pots at $40 each. This year, the company supplied the same quantity of ceramic pots at $55 each. Based on this evidence, The Pottery Palace has experienced
a decrease in supply
An increase in the price of off-road vehicles will result in
a larger quantity of off-road vehicles supplied