5
if you are a baker who specializes in bagels, and the price of the flour falls, which if the following scenarios is most likely
you would be willing and able to produce more bagels than before
elasticity of supply is measured by looking at the relationship between
how much the quantity supplied responds to changes in the price of the good
the law of supply can be shown in numbers and pictures only
false
when the supply curve shifts to the right, producers are reducing that amount they supply to the market
false
advances in technology raise the per-unit cost of production , therefore shifting the supply curve to the left
false
all supply curves are upward sloping (from left to right)
false
farming is one of the few areas untouched by advances in technology
false
if the price rises but the quantity supplied does not increase, this situation is shown on the graph as a horizontal supply line
false
if vickie has both the willingness and desire to produce jewelry, she is considered a supplier
false
perishable and nonperishable goods are affected by future prices
false
quantity supplied changes because of
a change in price
a vertical supply curve indicates that
a change in price will have no effect on the quantity supplied
an advance in technology would be illustrated on a graph as
a shift from s1 to s2
if the government offers sellers a subsidy for production, the graph would show
a shift from s1 to s2
more sellers entering a market would look like
a shift from s1 to s2
on the accompanying graph, which of the following correctly represents the supplier's response to a decrease in the cost of production
a shift from s1 to s2
if a new quota were imposed on a seller's product, which of the following would show the seller's responses
a shift from s1 to s3
if a tax were applied to the firm's product, which of the following represents the seller's response
a shift from s1 to s3
the supply curve of one of Pablo Picasso's (1881-1973) painting would be shown as
a vertical line
which of the following supply curves demonstrates inelastic supply
a vertical supply curve
quantity supplied can be changed due to factors such as resource prices, taxes, quotas, and the number of sellers
false
if sellers do no respond to a change in price, supply is
inelastic
when additional units cannot be produced or there is no time to produce more, the supply curve
is vertical
if the price of a product increases, we would expect the accompanying graph to show
movement from a to b
if prices fall for a product, we could expect the graph to show
movement from c to b
which of the following can cause a supply curve to shift
number of seller, weather, future price expectaion
a direct relationship exist when
price and quantity supplied move in the same direction
in the equation for elasticity of supply, when the numerator is larger than the denominator , we know that
supply is elastic
higher per-unit production costs would cause producers to
supply more
the law of supply says that
the quantity supplied of a good rises when the price of the good rises
a market supply curve is composed of
the sum of all firms' supply curves
the word supply refers to
the willingness and ability to produce a good
a shift of the supply curve to the left indicates that the supply has decreased
true
a supply curve will shift to the left when resources prices rise or fall
true
if the government places tax on SUV's the extra per-unit cost of doing business will cause producers to produce fewer SUV's
true
price is the only factor that can change the quantity of supplied
true
the law of supply can be stated in words, numbers, and picture form
true
weather can have an impact on both agricultural and non agricultural goods
true
when quantity supplied changes by that same percentage as price, it is
unit-elastic
a supply curve is a reflective of
what suppliers are willing and able to produce
