Which of the following events would cause the supply curve to increase from S₁ to S3? O A. An increase in the price of inputs. OB. Higher expected future prices. OC. A decrease in the number of firms in the market. OD. A decrease in the price inputs. Quantity S₂ S₁ S3
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- Which one of the following would cause an increase in the supply of planes? Select one: O a. an increase in the price of planes O b. an increase in taxes applied to plane producers Oc. an improvement in the technology used to produce planes O d. a decrease in the demand for planes Which of the following results in a movement along the supply curve of spinach but does not shift the supply curve of spinach? Select one: O a. a rise in the price of spinach O b. disastrous weather that destroys half of this year's spinach crop this year Oc. great weather that produces a bumper spinach crop O d. an increase in wages for workers in spinach fieldsA Giffin good is one in which the O a. supply; downward O b. supply; upward O c. demand; downward O d. demand; upward curve is sloping.Oil is a main component in the manufacture of plastic bags. If the price of oil were to increase, the price of plastic bag would. and the supply of plastic bag would O A) increase; increase O B) decrease; decrease C) increase; decrease OD) decrease; increase
- The relationship between quantity supplied and the price of output is such that O an increase in quantity will automatically lead to a reduction in price. O quantity will decrease as the number of firms increases. O an increase in price will produce an inward shift in the supply curve. O an increase in price will lead to an increase in quantity supplied.Which of the following will decrease the supply of goods? O a. New technology used in producing goods O b. Rise in the price of the good O c. Increase in the price of factors O d. None of theseD3 D2 Quantity (fruit snacks) In the figure above, which movement reflects an increase in demand? Select one: O a. from point a to point b O b. from point a to point e O c. from point a to point d O d. from point a to point c Price (dollars per fruit snack)
- Which development would most likely cause the supply of a product to increase? O A. New technology allows the product to be made more quickly. O B. Companies expect the price of the product to fall significantly. O C. Fewer workers receive the education needed to create the product. D. Government regulations increash the cost of making the product.Which of the following must remain the same while defining the Law of Supply? O a. Price of other commodities O b. Technology c. Price of factors o d. All of theseWhen might the supply curve for microwave ovens shift? Select one: a. only when production technology changes. O b. only when the number of sellers of microwave ovens changes. Oc. when a determinant of the supply of microwave ovens other than the price of microwave ovens changes. O d. when any determinant of the supply of microwave ovens changes. O e. Only if the price of steel increases.
- Which of the following would definitely result in a higher price in the market for chocolate bars? Select one: O a. demand and supply both increase cross out O b. demand and supply both decrease cross ou Oc demand increases and supply decreases cross ou O d. demand decreases and supply increases cross ouProducers of pianos expect the population to increase and the number of firms producing and selling pianos to decrease. You predict that the price of a piano will and the quantity of pianos bought will O A. either rise, fall, or remain the same; increase, decrease or remain the same O B. fall; increase C. either rise, fall, or remain the same; decrease O D. rise; increase, decrease or remain the sameThe demand for a given good will decrease when the price of its substitute and the demand for a given good also decreases when the price of its complement Select one: O a. None of the provided answers are correct O b. rises; rises O c. falls; falls O d. falls; rises Assume a demand curve for coffee; Which of the following would NOT shift the demand curve for coffee? Select one: O a. an increase in wages O b. a decrease in the price of tea O c. price of coffee changes O d. a change in taste for tea