What are the 4 determinants of supply?

taxes, technology, # of sellers and price of inputs

At a given price, a surplus occurs when...

the amount supplied is greater than the amount demanded

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Supply & Prices

24 termsStudBud Administration598 plays

#econ

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
The number of sellers offering a product can change the market supply curve
false
true
I don't know
maybe
2
The total cost is the sum of the
all variable costs
fixed and variable costs
fixed costs and overhead
fixed and marginal costs
3
A graph showing the various quantities supplied at each and every price
shift in supply curve
supply curve
demand curve
shift in demand curve
4
Consumers prefer to buy more at
summer
winter
lower prices
higher prices
5
The Law of Supply states that producers will supply more at...
fair prices
the best and cheapest prices
higher prices
lower prices
6
A change in demand is dependent upon one of the ____ determinants
6
4
5
7
7
If taxes increase then suppliers will...
demand more
supply less
supply more
demand less
8
An increase in supply will cause a shift to the
left
up
right
down
9
Mozzarella cheese and tomato sauce in the last question are...
price of inputs
new technology
consumer tastes and preferences
taxes and regulations
10
Amount of a product that would be offered for sale at all possible prices
revenue
cost
supply
demand
11
If the government decides to raise the taxes on our potato farmers, supply will
decrease
most likely increase
I don't like potatoes so who cares
stay the same for sure
12
The cost of materials, wages, etc.
technology
complementary goods
price of inputs
taxes and regulations
13
Cost a business incurs even if nothing is produced
variable cost
no cost at all
supply curve
fixed cost
14
If I must pay my employees a 10% raise...
supply will remain the same
I will be able to supply less
demand will obviously increase
I will be able to supply more
15
The point where demand and supply meet is called
shortage
equilibrium
price expectations
surplus
16
It is safe to assume that new technology will...
decrease supply
not affect supply whatsoever
cause supply to remain the same
increase supply
17
What are the 4 determinants of supply?
wages, materials, revenue and complementary goods
taxes, substitute and complementary goods and price of inputs
taxes, technology, # of sellers and price of inputs
price expectations, technology and tastes and preferences and taxes
18
Number of units sold multiplied by the average price per unit
partial revenue
zero revenue
total revenue
incomplete revenue
19
Supply is the quantity of a good/service that ___ are willing and able to supply
businesses/producers
buyers
consumers
purchasers
20
Product - pizza...if the price of mozarella cheese and tomato sauce triples, supply will
the price will quadruple
stay the same, everyone will still buy it
decrease and shift to the left
increase and shift to the right
21
A decrease in supply would cause...
a shift to the left
no shift at all
the curve will remain the same
a shift to the right
22
Cost that changes when the rate of operation or output changes
changing cost
variable cost
different cost
fixed cost
23
At a given price, a surplus occurs when...
the amount demanded is more than what is supplied
the amount supplied is greater than the amount demanded
the amount supplied is less than the amount demanded
the amount demanded is the same as the amount supplied
24
Producers would like to supply more at a
lower price
higher price
they like to keep the prices the same
the cheapest price possible

Supply & Prices Flashcards | StudBud

Supply & Prices

24 termsStudBud Administration598 plays

#econ

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
The number of sellers offering a product can change the market supply curve
false
true
I don't know
maybe
2
The total cost is the sum of the
all variable costs
fixed and variable costs
fixed costs and overhead
fixed and marginal costs
3
A graph showing the various quantities supplied at each and every price
shift in supply curve
supply curve
demand curve
shift in demand curve
4
Consumers prefer to buy more at
summer
winter
lower prices
higher prices
5
The Law of Supply states that producers will supply more at...
fair prices
the best and cheapest prices
higher prices
lower prices
6
A change in demand is dependent upon one of the ____ determinants
6
4
5
7
7
If taxes increase then suppliers will...
demand more
supply less
supply more
demand less
8
An increase in supply will cause a shift to the
left
up
right
down
9
Mozzarella cheese and tomato sauce in the last question are...
price of inputs
new technology
consumer tastes and preferences
taxes and regulations
10
Amount of a product that would be offered for sale at all possible prices
revenue
cost
supply
demand
11
If the government decides to raise the taxes on our potato farmers, supply will
decrease
most likely increase
I don't like potatoes so who cares
stay the same for sure
12
The cost of materials, wages, etc.
technology
complementary goods
price of inputs
taxes and regulations
13
Cost a business incurs even if nothing is produced
variable cost
no cost at all
supply curve
fixed cost
14
If I must pay my employees a 10% raise...
supply will remain the same
I will be able to supply less
demand will obviously increase
I will be able to supply more
15
The point where demand and supply meet is called
shortage
equilibrium
price expectations
surplus
16
It is safe to assume that new technology will...
decrease supply
not affect supply whatsoever
cause supply to remain the same
increase supply
17
What are the 4 determinants of supply?
wages, materials, revenue and complementary goods
taxes, substitute and complementary goods and price of inputs
taxes, technology, # of sellers and price of inputs
price expectations, technology and tastes and preferences and taxes
18
Number of units sold multiplied by the average price per unit
partial revenue
zero revenue
total revenue
incomplete revenue
19
Supply is the quantity of a good/service that ___ are willing and able to supply
businesses/producers
buyers
consumers
purchasers
20
Product - pizza...if the price of mozarella cheese and tomato sauce triples, supply will
the price will quadruple
stay the same, everyone will still buy it
decrease and shift to the left
increase and shift to the right
21
A decrease in supply would cause...
a shift to the left
no shift at all
the curve will remain the same
a shift to the right
22
Cost that changes when the rate of operation or output changes
changing cost
variable cost
different cost
fixed cost
23
At a given price, a surplus occurs when...
the amount demanded is more than what is supplied
the amount supplied is greater than the amount demanded
the amount supplied is less than the amount demanded
the amount demanded is the same as the amount supplied
24
Producers would like to supply more at a
lower price
higher price
they like to keep the prices the same
the cheapest price possible