Microeconomics- Supply Review Questions with complete Solutions Rated A+
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Module
Microeconomics
Institution
Microeconomics
Microeconomics- Supply Review Questions with complete Solutions Rated A+
The price of a good and the quantity supplied are: - Answers directly related
Firms will be willing and able to produce more output only when prices rise because the: - Answers opportunity cost of production is increasing.
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Microeconomics- Supply Review Questions with complete Solutions Rated A+
The price of a good and the quantity supplied are: - Answers directly related
Firms will be willing and able to produce more output only when prices rise because the: - Answers
opportunity cost of production is increasing.
On the supply side of the market, when the price of a good increases, the quantity supplied of the good:
- Answers increases
Firms will be willing and able to produce more output only when prices rise, because the (blank) cost of
production is rising. - Answers opportunity
The price of sugar increases. The law of supply states: - Answers the quantity of sugar supplied will
increase.
According to a popular statement in economics, "if not for (blank) we should be able to grow the world's
food supply in a flower pot". - Answers diminishing marginal productivity
Why is the supply curve upward-sloping? - Answers Producing significantly more of a product involves
increased costs so the price of the good must rise for sellers to be willing and able to increase the
quantity of the good they supply to the market.
When the price of smart phones increases: - Answers the quantity of smart phones supplied will
increase
If a fitness center owner decides to hire additional employees but does not change the size of the fitness
center or the amount of capital available to its employees to perform their tasks, the fitness center will
likely experience: - Answers diminishing marginal productivity.
According to the law of _____ , producing significantly more of a product than current levels will come
at a higher cost, so the price of the good must rise for sellers to be willing and able to increase the
quantity of the good they supply to the market. - Answers increasing opportunity costs
The supply schedule displays the: - Answers supply of the good in a table showing the different prices
and their corresponding quantities supplied.
How is the market supply of a good or service calculated? - Answers Summing the quantity produced by
all sellers at every price within the market.
The supply curve will shift to the right or left when: - Answers a non-price determinant of supply
changes.
The supply curve displays the: - Answers supply of the good in a graph showing the different prices and
their corresponding quantity supplied.
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