W3 quiz
the movement from point A to point B on the graph is caused by
an increase in the price of the good
the movement from point A to point B on the graph is called
an increase in the quantity supplied
if the demand for a product increases, then we would expect equilibrium price
and equilibrium quantity both to increase
today, producers changed their expectations about the future. this change
can affect today's supply
equilibrium quantity must decrease when demand
decreases and supply does not change, when demand does not change and supply decreases, and which both demand and supply decrease
suppose that demand for a good increases and, at the same time, supply of the good decreases. what would happen in the market for the good
equilibrium price would increase, but the impact on equilibrium quantity wouldbe ambiguous
suppose the income of buyers in a market for an inferior good decreases and a technological advancement occurs also. what would we expect to happen in the market
equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous
at the equilibrium price, the quantity of the good that buyers are willing and able to buy
exactly equals the quantity that sellers are willing and able to sell
sellers respond to a shortage by cutting their prices
false
when quantity supplied exceeds quantity demanded at the current market price, the market has a surplus, and market price will likely rise in the future to eliminate the surplus
false
when the market price is below the equilibrium price, suppliers are unable to sell all they want to sell
false
two goods are complements when a decrease in the price of one good
increases the quantity demanded of the other good
a supply schedule is a table that shows the relationship between
price and quantity supplied
the market supply curve
represents the sum of the quantities supplied by all the sellers at each price of the good
the law of supply states that, other things equal, when the price of a good
rises, the quantity supplied of the good rises
an improvement in production technology will shift the
supply curve to the right
which of the following would shift the supply of Green Bay Packers football jerseys to the left
the cost of the fabric used to make the jerseys increases
which of the following events would cause a movement upward and to the right along the supply curve for mangos
the price of magos rises
which of the following is not held constant in a supply schedule
the price of the good
in a competitive market, the quantity of each good produced and the price at which it is sold are not determined by any single buyer or seller
true
in a market, the price of any good adjusts until quantity demanded equals quantity supplied
true
sellers respond to a surplus by cutting their prices
true
supply refers to the position of the supply curve, whereas the quantity supplied refers to the amount suppliers wish and are able to sell
true
when a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change
true
when the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
true
