Workers at factory go on strike due to poor work conditions and wages. Change in product supply and the determinant?

Supply Decrease, determinant productivity

Willingness and ability to buy something

Opportunity cost means

Something you give up to get something else you want

Factors of production:

Resources, Labor, Capital, Entrepreneurship

The law of supply states that

As price of good increases so does the supply

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Supply & Demand Review

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Questions 17

Answers

1
An increase in supply would shift the supply curve...
Down
Left
Right
Up
2
Workers at factory go on strike due to poor work conditions and wages. Change in product supply and the determinant?
Supply Decrease, determinant productivity
Supply increase, determinant productivity
Supply decrease, determinant subsidies
Supply increase, determinant subsidies
3
The U.S. Senate gives a bonus to small family farms that grow corn. What will happen to the supply of wheat?
Increase in wheat supply
No effect on wheat supply
Decrease in wheat supply
Increase in corn supply
4
The U.S. Senate gives a bonus to small family farms that grow corn. What is the best determinant in this situation?
Government Policies
Subsidy
Expectations
Productivity
5
Which is not a determinant of supply?
Entrepreneurship
Government Policies
Technology
Taxes
6
Find the price at which equilibrium occurs on the table.
275
75
125
Equilibrium does not occur in this table
7
Law of Demand: Consumers are willing to buy more products at higher prices than lower prices.
False
True
8
Define supply.
Consumer preference
Amount of a product or good
The downward sloping line on the graph
Producer environmental initiative
9
What is a shortage?
Stock market options betting
Supply is greater than demand
Demand is greater than supply
Consumers are too short to reach product on store shelf
10
Define demand.
Willingness and ability to buy something
Ability to buy something
None of the above
Willingness to buy something
11
Opportunity cost means
A right shift of the demand curve
Market value of entrepreneurship
Something you give up to get something else you want
Consumer price index
12
At what price does a surplus occur?
125
275
None, a surplus does not occur
75
13
What is equilibrium?
A shortage
Supply & demand equal
Net Zero
A surplus
14
Factors of production:
Water, Earth, Wind, Fire
Donors, Technology, Cash, Resources
Cash, Labor, Capital, Entrepreneurship
Resources, Labor, Capital, Entrepreneurship
15
The law of supply states that
As price of good increases so does the supply
As price decreases the supply increases
Demand is great than the amount of products available
Products are sold at a bargain price
16
At what price does a shortage occur?
None, a shortage does not occur
275
125
75
17
A surplus would be located above equilibrium.
True
False

Supply & Demand Review Flashcards | StudBud