What will happen to the supply of oil if the price goes up to $100 a barrel?

Nothing - change in price/change in quantity supplied

What will happen to the supply of bubble soda if peoples' income decreases?

Nothing - demand change, not supply

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Supply Review

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Questions 10

Answers

1
What will happen to the supply of corn in Vermont if we have a perfect and long growing season?
Nothing - change in price/change in quantity supplied
Supply will decrease
Nothing - demand change, not supply
Supply will increase
2
What will happen to the supply of oil if the price goes up to $100 a barrel?
Nothing - change in price/change in quantity supplied
Nothing - demand change, not supply
Supply will increase
Supply will decrease
3
What will happen to the supply of T-shirts if the minimum wage for textile workers in Southeast Asia goes up?
Supply will decrease
Nothing - demand change, not supply
Nothing - change in price/change in quantity supplied
Supply will increase
4
Which of the following will NOT INCREASE supply?
More sellers enter the market
Tech improves
unfavorable natural events
Cost of production goes down
5
Which of the following will NOT decrease supply?
Technology improves
Sellers expect bad things in the market
Technology is outdated
unfavorable natural events
6
For both supply and demand graphs, the Y axis (vertical line) is always
consumer
price
elasticity
quantity
7
As price increases, the quantity supplied goes...
sideways
stays the same
down
up
8
Higher prices are a positive incentive for
consumers
politicians
buyers
suppliers
9
What will happen to the supply of bubble soda if peoples' income decreases?
Supply will decrease
Supply will increase
Nothing - change in price/change in quantity supplied
Nothing - demand change, not supply
10
What will happen to the supply of lemonade if a new lemonade company opens?
Supply will decrease
Supply will increase
Nothing - demand change, not supply
Nothing - change in price/change in quantity supplied

Supply Review Flashcards | StudBud