Download Understanding Microeconomics Supply Concepts and more Exams Nursing in PDF only on Docsity!
Answers 2024
The price of a good and the quantity supplied are: - Correct Answers ✅ directly related Firms will be willing and able to produce more output only when prices rise because the: - Correct Answers ✅ opportunity cost of production is increasing. On the supply side of the market, when the price of a good increases, the quantity supplied of the good: - Correct Answers ✅ increases Firms will be willing and able to produce more output only when prices rise, because the (blank) cost of production is rising. - Correct Answers ✅ opportunity The price of sugar increases. The law of supply states: - Correct Answers ✅ the quantity of sugar supplied will increase. According to a popular statement in economics, "if not for (blank) we should be able to grow the world's food supply in a flower pot". - Correct Answers ✅ diminishing marginal productivity
Answers 2024
Why is the supply curve upward-sloping? - Correct Answers ✅ Producing significantly more of a product involves increased costs so the price of the good must rise for sellers to be willing and able to increase the quantity of the good they supply to the market. When the price of smart phones increases: - Correct Answers ✅ the quantity of smart phones supplied will increase If a fitness center owner decides to hire additional employees but does not change the size of the fitness center or the amount of capital available to its employees to perform their tasks, the fitness center will likely experience: - Correct Answers ✅ diminishing marginal productivity. According to the law of _____ , producing significantly more of a product than current levels will come at a higher cost, so the price of the good must rise for sellers to be willing and able to increase the quantity of the good they supply to the market. - Correct Answers ✅ increasing opportunity costs
Answers 2024
When a nonprice determinant of supply changes what will be the effect on the market? - Correct Answers ✅ A shift in the supply curve at all possible prices All else equal, a change in the (blank) of a good, service, or resource changes the quantity supplied of the good, service, or resource. - Correct Answers ✅ price Which of the following would shift the supply curve for guitars?
- Correct Answers ✅ A tax is implemented on guitars When we say in economics that there is an increase in supply, we mean that: - Correct Answers ✅ more output is being supplied at every price, all else held constant. All else equal, a change in the price of a good, service, or resource changes the quantity (blank) of the good, service, or resource. - Correct Answers ✅ supplied A subsidy to producers: - Correct Answers ✅ lowers the cost of producing.
Answers 2024
A change in supply: - Correct Answers ✅ has the effect of shifting the entire supply curve to the right or left. occurs when a nonprice determinant of supply changes. A tax on producers (increases/decreases) the cost of producing.
- Correct Answers ✅ increases When we consider the effects of taxes and subsidies on the market for goods, services, and resources, we evaluate how taxes and subsidies affect: - Correct Answers ✅ producers The supply curve focuses entirely on the changes in the (blank) of the product and holds everything else constant. - Correct Answers ✅ price Which of the following likely affects the demand curve? - Correct Answers ✅ Taxes and subsides placed on consumers.
Answers 2024
Taxes charged on and subsidies provided to consumers are: - Correct Answers ✅ likely to shift the demand curve. Which of the following likely affects the supply curve? - Correct Answers ✅ Taxes and subsidies placed on producers. The size of the producer tax will influence the size of the shift in (blank) - Correct Answers ✅ supply A new technology increases the production of widgets by 25% at all possible prices. Which of the following statements offers the best description of the location of the new supply curve, relative to the original curve? - Correct Answers ✅ A shift to the right with a greater increase occurring at higher price levels. Any change in technology and the availability and the quality of resources are likely to affect the (blank) that producers are willing and able to supply to the market at every price. - Correct Answers ✅ quantity
Answers 2024
Which of the following are examples of resources? - Correct Answers ✅ Workers hired to pick grapes at a vineyard. An oven used to bake bread at a bakery. An increase in tax rates on consumers is likely to: - Correct Answers ✅ shift the demand curve. Which of the following events will increase supply? - Correct Answers ✅ A technological improvement that reduces the cost of production A change in supply: - Correct Answers ✅ does not have to be a parallel shift. A small nation produces coffee and chickens. What is one possible reason the opportunity cost of producing chickens will increase relative to coffee? - Correct Answers ✅ The cost of producing coffee has decreased. Shifts in supply: - Correct Answers ✅ can be parallel.
Answers 2024
supply Producers expect the price of lumber to increase next month. How will producers respond today? - Correct Answers ✅ Supply of lumber will decrease at every price. When producers expect higher future prices, current supply shifts to the - Correct Answers ✅ left Firms expecting a cold winter will anticipate an increased demand for scarves resulting in an increased future price. How will the market adjust today? - Correct Answers ✅ Supply will decrease at every possible price. Consumer expectations influence the (blank) curve, and producer expectations influence the (blank) curve. - Correct Answers ✅ Demand Supply Suppose that days of rain increase water levels in a river and wash away the docks, canoes, and kayaks of the riverside rental
Answers 2024
businesses. We can conclude that: - Correct Answers ✅ the supply of recreational river sports will fall. In September, heating-oil producers anticipate a brutally cold winter and higher prices of heating oil by the end of November. We can expect that: - Correct Answers ✅ the supply of heating oil will fall now. If the production of a good incurs at a lower cost,: - Correct Answers ✅ the opportunity cost (in terms of other goods that could have been produced) has decreased. the opportunity cost of producing other goods (in terms of the amount of this good that could have been produced) has increased. Consider the words "supply" and "production." Which of the following statements is true? - Correct Answers ✅ "Supply" refers to what is provided to the market, while "production" refers to the quantity produced.
