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Supply Quiz 10 (25 MCQs)

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1. When there is a change in price of a particular product and there is movement upward the demand curve it will result in _____
2. A decrease in the number of sellers tends to _____
3. Extra cost of producing one additional unit of production.
4. The supply of the product normally decreases if
5. A increase in product price will cause:
6. What is the effect of lower input costs?
7. If a change in th price of a product leads to a major change in the number of people who buy it, the demand for this produce is
8. Which factor does NOT affect PES
9. Which of these is a fixed cost for a store?
10. A university decides to raise tuition fees to increase the total revenue it receives from students. This strategy will work if the demand for education at that university is which of the following?
11. The cost of production includes the price of resources. If resources become more expensive, what will happen to supply levels?
12. Level of production where marginal cost is equal to marginal revenue.
13. The price for a bag is 15$ , the demand for the bag is 450 units. Calculate the Total Revenue.
14. If the total product of worker number 5 had been 95, what would the marginal product have been?
15. Advances in robotics, microchips and computerization have:
16. In a market-based economy, consumers rely on prices to help them
17. Malthusian Theory claims that
18. Which of the following will NOT cause a shift in the demand curve for compact discs?A. A change in wealthB. A change in the price of compact discsC. A change in income.D. A change in the price of pre-recorded cassette tapes
19. A leftward shift of the supply curve might be caused by:
20. Principle that more will be offered for sale at higher prices than at lower prices.
21. High prices makes producers want to _____
22. Which of the following refers to the amount that sellers are willing to produce at a give price?
23. According to the Law of Supply, as prices fall _____
24. The price of turkey rises! What happens to the market for chicken?
25. What affect will new taxes on producers usually have on the supply and supply curve?
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