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