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Supply Quiz 1 (25 MCQs)

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1. Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold.

2. The price of a chair has increased by 25% and the PES= 4. What is the percentage change in quatity suppiled?

3. If soy milk and almond milk are considered substitute goods, then that means _____

4. The price of bread rose by 5% and the quantity demanded fell by 4%. What was the price elasticity of demand for bread? A-0.4 B-0.8 C-1.25 D-2.0

5. If you are going to buy a new bed mattress, and the salesman tells you there will actually be a sale on mattresses in a week, what will that do to your demand for mattresses in that moment?

6. The time period needed to make changes according to the market requirement is

7. All of the following can change the supply curve EXCEPT

8. When a consumer is willing and able to buy a good or service, he/she creates which of the following?

9. A company pays for their employees to receive extra training?

10. A company invests in new technology, but the new machines are constantly breaking down?

11. According to the law of demand, what is the relationship between quantity demanded and price?

12. Which of the following will NOT cause the supply curve to shift?

13. The price of burgers increase by 22% and the quantity of burgers demanded falls by 25% This indicates that demand for burgers is?A. elasticB. perfectly elasticC. unitarily elasticD. inelastic.

14. Total cost is the sum of the

15. Shifting the supply curve either left or right demonstrates

16. Supply is likely to be more price elastic?A. In the short run rather than the long runB. If factors of production are relatively immobile between industriesC. If there are very few producersD. If it is easy to expand output

17. Rent payments and property taxes would be counted as

18. Which of the following leads to an increase in the supply of furniture?

19. Which of the following pairs is NOT an example of complements?

20. Which of these is NOT a fixed cost?

21. When demand for a good is elastic, it is most likely to have _____

22. A movement along the demand curve to the left may be caused by?A. a decrease in supply.B. a rise in incomeC. a fall in the number of substitute goodsD. a rise in the price of inputs

23. If the technology used to produce a good improves, supply will

24. Which ONE of these is a Variable Cost?

25. A producer will cause a shortage:

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Supply Quiz 1 (25 MCQs)

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