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Microeconomics Module 4
Terms in this set (18)
Which of the following scenarios would likely shift the supply curve for potatoes to the right (increase in supply)?
A new harvester enables farmers to bring in ripe potatoes twice as fast as they did before.
An "increase in the quantity supplied" suggests a
movement up and to the right along the supply curve.
A decrease in supply is depicted by a
shift from S2 to S1.
An increase in the supply of music downloads indicates that more music downloads will be
supplied, even if prices of music downloads stayed the same.
The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to increase from point a to point b?
an increase in the price of wheat
Which of the following would cause a rightward shift of the supply curve for cell-phone services?
a decrease in the wages of workers employed by cell-phone companies
Because of the significant snow fall in the plains this year, the supply of fertilizer to Washington State's apple farmers substantially decreased. As a result, the price of fertilizer has increased in Washington State. This statement indicates the
amount of apples that will be available at various prices will decline.
Which of the following statements is true about supply?
As price increases, producers are willing and able to put more of the good on the market for sale.
All else being equal, if the price of a product decreases, we would expect
quantity supplied to decrease.
In order to derive the market supply curve from individual supply curves, we add up the
various quantities that individual sellers are willing and able to supply at different prices.
If there were 100 sellers in the market, each with a supply schedule identical to seller 2 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $5 would be
1 If there were 300 sellers in the market, each with a supply schedule identical to seller 1 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $2 would be
Which one of the following is not assumed to be constant when the supply curve for a product is drawn?
price of the product
Farmers withholding some of their current corn harvest from the market because they anticipate a higher price of corn in the near future would cause a
leftward shift in the current supply of corn.
What is the quantity of bouquets supplied if the market price is $25?
Suppose the market price rises from $25 per bouquet to $35 per bouquet.
The quantity of bouquets supplied will increase by
How many pounds of peaches will be supplied to the market when the price is $8 per pound?
At a price of $1.00 per head of lettuce, the original quantity supplied was BLANK heads of lettuce and the new quantity supplied is BLANK heads of lettuce.
THIS SET IS OFTEN IN FOLDERS WITH...
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Macro Chap 16
Econ 202 CH. 7 Utility Maximization
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