The quantity supplied increases when

the price of the product goes up

A change in supply means

there is a whole new supply curve

Consumer purchases determine demand, whereas supply is determined by

producers offering products for sale

Unite costs are found by

dividing total product into total costs

The factor that would cause the supply curve to shift to the right is

an expectation that prices will do down in the future

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Chapter 5 Economics

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Supply

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Questions 20

Answers

1
Which has the MOST inelastic curve?
automobiles
ice cream cones
dishwashing machines
computers
2
Why is the laws of supply universal?
technology increases
people demand more
It is inverse
the profit motive
3
The supply curve
slopes downward to the right
Slopes downward to the left
slopes upward to the right
slopes upward to the left
4
All are examples of varying costs except
labor
natural resources
rent of mortgage
advertising
5
What is the numerical representation of supply called?
supply cost index
Demand schedule
supply schedule
supply curve
6
The quantity supplied increases when
the cost of the inputs go down
the price of the product goes up
additional firms enter the market place
the price of the product goes down
7
A change in supply means
there is movement along the supply curve
there is a complete reversal of the supply schedule
there is a whole new supply curve
that there will be a change in demand
8
Which of the following does not shift the supply curve?
to price of the product
number of sellers
technological changes
mother nature
9
The larger the number of producers or sellers competing in the market place
quantity supplied will increase
quantity supplied will decrease
the less there is supplied
the more there is supplied
10
The relationship that exists between price and quantity supplied is described as
reverse
direct
inverse
indirect
11
An inelastic supply curve will look
more vertical
more horizontal
straight up and down
curvy
12
Consumer purchases determine demand, whereas supply is determined by
a wide range of prices
the ability to purchase
a willingness to produce
producers offering products for sale
13
What are two variable costs?
rent
electricity
wages
car payment
14
The price of the product falls, producers will generally
hold a clearance sale
increase input
offer more for sale
offer less for sale
15
Unite costs are found by
added fixed and variable costs
dividing total product into total costs
adding marginal costs and total product
subtracting total costs from total revenue
16
Government payments to individuals, companies to encourage or protect
variable costs
taxes
subsidies
profit motive
17
The change in amount offered for sale in response to a change in price
elasticity of supply
adding fixed and variable costs
in-elasticity of supply
the ability to purchase
18
Which factor causes an increase in supply?
fewer sellers in the market place
increase in the cost of inputs
introduction of new technology
a decrease in productivity
19
Why does the supply curve look like it does?
marginal utilities
varied rates
profit motive
Law of supply
20
The factor that would cause the supply curve to shift to the right is
an expectation that prices will do down in the future
an increase in the cost of inputs
higher taxes
a decrease in number of sellers

Chapter 5 Economics Flashcards | StudBud