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econ102 supply quiz
Terms in this set (20)
Which of the following would cause the supply of apples to shift from S1 to S3?
a new bacteria that destroys apple crops
Which of the following would cause the quantity of wheat supplied to decrease from point b to point a?
a decrease in the price of wheat
If there were 200 sellers in the market, each with a supply schedule identical to seller 3 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $4 would be
A movement from point a to point b is caused by a change in the
price of apples in the market.
A movement along the supply schedule from point y to point x is associated with
diminishing marginal product.
When economists say that the supply for a product has increased, they mean that the
supply curve has shifted to the right.
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.
If the price of a hamburger increases from $3 to $5, then the weekly market quantity of hamburgers supplied will
increase from 9 to 17.
The diagram shows three supply curves for cars today. Which of the following would cause the supply of cars to shift from S1 to S2?
expectations of lower car prices in the future
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
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.
Which one of the following would not affect the position of the supply curve for cranberries?
the popularity of cranberry drinks
The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S3?
a tax on wheat production
Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause
a rightward shift of the supply curve.
All else held constant, if the government places a tax on each gallon of gasoline produced, then this would cause a
leftward shift in the current supply of gasoline
The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S1 to S3?
a decrease in the number of apple farmers
Because of unseasonably cold weather, the supply of oranges has substantially decreased. This statement indicates the
supply of oranges has declined
If the price of a hamburger increases from $2 to $4, then the weekly market quantity of hamburgers supplied will
increase from 5 to 13.
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
The law of supply indicates that, all else held constant,
producers will be willing and able to offer more of a product at high prices than at low prices.
THIS SET IS OFTEN IN FOLDERS WITH...
ECN 201 (Fundamentals), microeconomics - fundament…
ENC 201 (QUIZ #1)
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