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Supply Quiz 6 (25 MCQs)

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1. When any effort by government causes the supply of a good to rise, what happens to the supply curve.
2. Change in the amount offered for sale in response to a price change; movement along the supply curve.
3. If determinants of supply lead to an increased level of production (Increase in Supply), the supply curve will shift
4. An increase in price all other things unchanged leads to? A. A shift in supply outwardsB. A shift in supply inwardsC. A contraction of supplyD. An extension of supply
5. Profits will be maximized when marginal revenue
6. At a major factory, assume the wages paid to workers is reduced. This would
7. The _____ is a table that shows the relationship between the price of the good and the quantity supplied.
8. The more people there are to sell products, the more products there are on the market.
9. (Athletic Equipment?) The price of athletic equipment has increased.
10. When excess demand occurs in an unregulated market, there is a tendency for?A. price to fallB. quantity supplied to decrease.C. price to riseD. quantity demanded to increase
11. A producer thinks the price of the product is going to increase, so he withholds supply?
12. Assume the price of cars increases. We would call this a(n)
13. All of the consumers who will purchase a particular product or service comprise a(n)
14. The supply curve is
15. The period of production that allows producers to change only the amount of the variable input called labor is?
16. Which product is likely to have the most elastic supply curve?
17. If I make Jordans for $ 50 and sell them for $ 100. I will make $ 50. This is an example of _____
18. What is "equilibrium" ?
19. Which of the following will cause the market supply curve to shift?
20. A shift in the entire supply curve is a result of _____
21. The government increases taxes on a business that produces candy. How would this affect the supply of candy?
22. Which of the following is an advantage of an online business?
23. Which is true if equilibrium is present in a market?
24. Variable cost plus fixed cost; all costs associated with production.
25. The price of complementary products has an effect on
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