A decrease in the rpice of oragnes would lead to

a movement down and to the left along the supply curve for oranges

The qty supplied of a good is the amount that

sellers are willing and able to sell

Which of the following events must cause equilibrium price to rise?

demand increases and supply decreases

If the number of sellers increases, then the

supply in that market will increase

Which of the following events must result in higher prices in the market for cigars?

demand for cigars increases, and supply of cigars decreases

Which of the following events could cause an increase in the supply of ceiling fans?

the number of sellers of ceiling fans increases.

Which would not shift the supply curve for iphones?

an increse in the price of iphones

Suppose workers at Case make the minimum wage. If the wage goes up by $2/hour, it is likely that

the supply of sprayers will shift to the left

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Microeconomics Review on supply '19-'20

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Questions 17

Answers

1
Which of the following would cause price to decrease?
an increase in demand
a decrease in supply
a surplus of the good
a shortage of the good
2
A decrease in the rpice of oragnes would lead to
an increase in the prices of inputs used in organge production
a movement down and to the left along the supply curve for oranges
a movement up and to the right along the supply curve for oranges
an increased supply of organges
3
What happens to the eq. price when you have an increase in supply?
It decreases
it increases
4
A decrease in the price of a good will
decrease supply
increase qty supplied
increase supply
decrease qty supplied
5
If suppliers expect the price of their product to fall in the f ut ure, then they will
decrease supply in the future but not now.
increase supply now.
decrease supply now.
increase supply in the future but not now.
6
The qty supplied of a good is the amount that
sellers are able to produce
sellers are willing and able to sell
buyers and sellers agree will be brought to the market
buyers are willing and able to purchase
7
Which of the following events must cause equilibrium price to rise?
demand decreases and supply increases
demand and supply both decrease
demand and supply both increase
demand increases and supply decreases
8
If the number of sellers increases, then the
demand in that market will increase
supply in that market will decrease.
supply in that market will increase
demand in that market will decrease
9
An improvement in production technology will shift
the supply curve to the right
the supply curve to the left
10
Which of the following events must result in higher prices in the market for cigars?
demand for cigars and supply of cigars both increase
demand for cigars increases, and supply of cigars decreases
demand for cigars and supply of cigars both decrease
demand for cigars decrease and supply of cigars increase
11
The point at which the supply and demand curves intersect is called
conincidence
market harmony
equilibrium
equivalence
12
Which of the following events could cause an increase in the supply of ceiling fans?
the number of sellers of ceiling fans increases.
An increase in the price of the motor that powers ceiling fans
an increase in the price of air conditioners, a substitute for fans
All of the above are correct
13
Which would not shift the supply curve for iphones?
an increse in the price of iphones
a decrease in the number of sellers of iphones
an improvement in the technology used to produce iphones.
increase in the price of plastic, an input into the production of iphones
14
Suppose workers at Case make the minimum wage. If the wage goes up by $2/hour, it is likely that
the firm must increase output to maintain profit levels
the supply of sprayers will shift to the left
the supply of sprayers will shift to the right.
the demand for assembly workers will increase
15
An increase in supply
doesn't move the supply cureve
shifts the supply curve left
shifts the supply curve right
16
If a shortage exists in the market, we know the actual price is
above the eq price and qs > qd
below the eq price and qd > qs
above the eq price and qd > qs
below the eq price and qs > qd
17
a decrease in supply
shifts the supply curve right
shifts the supply curve left
results in no movement of the supply curve

Microeconomics Review on supply '19-'20 Flashcards | StudBud