This quiz works best with JavaScript enabled. Home > Microeconomics > Supply > Supply – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Supply Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Profits will be maximized when marginal revenue A) Is double marginal cost. B) Equals marginal cost. C) Is one-half marginal cost. D) Exceeds marginal cost. Show Answer Correct Answer: B) Equals marginal cost. 2. At a major factory, assume the wages paid to workers is reduced. This would A) Shift the supply curve to the left. B) Shift the supply curve to the right. C) Shift the demand curve to the left. D) Shift neither curve in any direction. Show Answer Correct Answer: B) Shift the supply curve to the right. 3. The ..... is a table that shows the relationship between the price of the good and the quantity supplied. A) Supply demand price. B) Supply schedule. C) Graph. D) The law of supply. Show Answer Correct Answer: B) Supply schedule. 4. The more people there are to sell products, the more products there are on the market. A) Consumer Expectations. B) Number of Sellers. C) Cost of Inputs. D) Consumer Taste. Show Answer Correct Answer: B) Number of Sellers. 5. (Athletic Equipment?) The price of athletic equipment has increased. A) Curve Shifts Left. B) Curve Shifts Right. C) Movement Along the Curve. D) None of above. Show Answer Correct Answer: C) Movement Along the Curve. 6. 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 A) A. B) B. C) C. D) D. Show Answer Correct Answer: C) C. 7. A producer thinks the price of the product is going to increase, so he withholds supply? A) Shifts right. B) Shifts left. C) Movement up on the supply curve. D) Movemnt down the supply curve. Show Answer Correct Answer: B) Shifts left. 8. Assume the price of cars increases. We would call this a(n) A) Increase in supply. B) Increase in quantity supplied. C) Decrease in supply. D) Decrease in quantity supplied. Show Answer Correct Answer: B) Increase in quantity supplied. 9. All of the consumers who will purchase a particular product or service comprise a(n) A) Supply. B) Economic market. C) Economy. D) Market group. Show Answer Correct Answer: B) Economic market. 10. The supply curve is A) Downward sloping. B) Upward sloping. C) Level. D) Irregular. Show Answer Correct Answer: B) Upward sloping. 11. Identify the correct determinant of supply:Example:If the cost of electricity used to power an automotive factories falls, the supply of cars in the market increases A) Cost of production/resources. B) Number of sellers. C) Change in expectations. D) Change in technology. Show Answer Correct Answer: A) Cost of production/resources. 12. The period of production that allows producers to change only the amount of the variable input called labor is? A) The long run. B) The short run. C) The production function. D) A stage of production. Show Answer Correct Answer: B) The short run. 13. Which product is likely to have the most elastic supply curve? A) Ice cream cones. B) Automobiles. C) Ships. D) Dishwashing machines. Show Answer Correct Answer: A) Ice cream cones. 14. If I make Jordans for $ 50 and sell them for $ 100. I will make $ 50. This is an example of ..... A) Quantity supplied. B) Demand. C) Supply. D) Profit. Show Answer Correct Answer: D) Profit. 15. What is "equilibrium" ? A) The point where supply is greater than demand. B) The point where supply and demand curves meet. C) The point where demand is greater than supply. D) None of above. Show Answer Correct Answer: B) The point where supply and demand curves meet. 16. Which of the following will cause the market supply curve to shift? A) A change in the price of a product. B) A change in the number of consumers. C) A change in the number of sellers offering the product. D) A change in demand for the product. Show Answer Correct Answer: C) A change in the number of sellers offering the product. 17. A shift in the entire supply curve is a result of ..... A) An increase in the good's selling price. B) A change in demand. C) A decrease in the good's selling price. D) A change in something other than the good's price. Show Answer Correct Answer: D) A change in something other than the good's price. 18. The government increases taxes on a business that produces candy. How would this affect the supply of candy? A) Shift right (supply increases). B) Shift left (supply decreases). C) Quantity supplied increases. D) Quantity supplied decreases. Show Answer Correct Answer: B) Shift left (supply decreases). 19. Which of the following is an advantage of an online business? A) Low variable costs. B) Low fixed costs. C) Very little labor needed. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. Which is true if equilibrium is present in a market? A) The price of the product will tend to rise. B) Quantity supplied exceeds quantity demanded. C) Quantity demanded equals quantity supplied. D) Quantity demanded exceeds quantity supplied. Show Answer Correct Answer: C) Quantity demanded equals quantity supplied. ← PreviousNext →Related QuizzesMicroeconomics QuizzesSupply Quiz 1Supply Quiz 2Supply Quiz 3Supply Quiz 4Supply Quiz 5Supply Quiz 6Supply Quiz 7Supply Quiz 9Supply Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books