The nature of demand indicates that as the price of good increases:

A) suppliers wish to sell less.

B) more of it is desired.

C) more of it is produced.

D) buyers desire to purchase less of it.

Which of these statements best represents the law of supply?

a. When input prices increase, sellers produce less of the good.

b. When production technology improves, sellers produce less of the good.

c. When the price of a good decrease, sellers produce less of the good.

d. When sellers’ supplies of a good increase, the price of the good increases.

The supply-of-labor curve S slopes upward in graph (a) because:

a. the law of diminishing marginal utility applies.

b. the law of diminishing returns applies.

c. workers can afford to “buy” more leisure when their wage rates rise.

d. higher wages are needed to attract workers away from other labor markets, household activities, and leisure.

Choose the correct option.

The ________ is where the quantity demanded and quantity supplied are equal at a certain price.

A) surplus

B) supply schedule

C) equilibrium

What does ceteris paribus mean?

Whenever there is a shortage at a particular price, the quantity sold at that price will equal:
a. the quantity demanded at that price.
b. the quantity supplied at that price.
c. the quantity supplied minus the quantity demanded.
d. quantity demanded plus quantity supplied.

The term ceteris paribus means that:

a. What is for the individual is not necessarily true for the whole.

b. All variables except those specified are constant.

c. Everything is variable.

d. No one knows which variables will change and which will remain constant.

According to the law of supply price and quantity move?

What does the latin term "ceteris paribus" means

After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely economic effect on the U.S. demand curve for beef from Canada is:

A) no change; only the supply curve for beef is likely to be affected.

B) a shift of the demand curve for beef to the left

C) a movement down along the demand curve for beef to the right.

D) a shift of the demand curve for beef to the right.

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the ____.

If there is an increase in labor productivity:

A. the production possibilities curve would shift outward and the long-run aggregate supply curve would shift rightward.

B. the production possibilities curve would shift inward and the long-run aggregate supply curve would shift leftward.

C. the production possibilities curve would shift outward and the long-run aggregate supply curve would shift leftward.

D. the production possibilities curve would shift inward and the long-run aggregate supply curve would shift rightward.

The choice on a production possibilities set that is socially preferred, or the choice on an individual's budget constraint that is personally preferred, will display _____.

A. allocative efficiency

B. the production possibilities frontier

C. trade-offs

D. scarcity

According to the Law of Supply, what will happen to the number of products a firm offers for sale when prices go down? What will happen to the cost of additional units of production when a firm starts having diminishing returns? What will happen to the number of products a firm will offer for sale if its cost of production increases while prices remain the same?