Question 1

Lead is an important input in the production of crystal.If the price of lead decreases,then we would expect the supply of

Accepted Answer

A decrease in the price of lead would lead to a decrease in the cost of production of crystal, making it more profitable for producers to supply more crystal at each price level. Therefore, we would expect the supply of crystal to increase.

Question 2

Suppose you make jewelry.If the price of gold falls,then we would expect you to

Accepted Answer

As the price of gold falls, the cost of producing jewelry will decrease. This will lead to an increase in supply because it is now less expensive to produce each unit of jewelry. Therefore, producers like you will be willing and able to produce more jewelry than before at each possible price.

Question 3

Table 4-4
 
-Refer to Table 4-4.If these are the only four sellers in the market,then the market quantity supplied at a price of $10 is

Accepted Answer

The answer of Table 4-4
 
-Refer to Table 4-4.If these...

Question 4

Table 4-5
 
-Refer to Table 4-5.If these are the only four sellers in the market,then the market quantity supplied at a price of $4 is

Accepted Answer

The answer of Table 4-5
 
-Refer to Table 4-5.If these...

Question 5

A market supply curve is determined by

Accepted Answer

The answer of A market supply curve is determined by
...

Question 6

Table 4-4
 
-Refer to Table 4-4.If these are the only four sellers in the market,then when the price increases from $6 to $8,the market quantity supplied

Accepted Answer

To determine the change in market quantity supplied, we need to add up the individual quantities supplied by each seller at both prices.

- At a price of $6, the market quantity supplied is 15 units (7 + 5 + 1 + 2).
- At a price of $8, Seller B drops out and the remaining three sellers increase their quantities supplied: Seller A increases from 7 to 10; Seller C increases from 1 to 3; and Seller D increases from 2 to 4. Thus, the market quantity supplied at a price of $8 is 17 units (10 + 3 + 4).

The change in market quantity supplied is the difference between these two quantities, which is 17 - 15 = 2 units. Therefore, the correct answer is B) increases by 2 units.

Question 7

Figure 4-11

-Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $6 is

Accepted Answer

The answer of Figure 4-11

-Refer to Figure 4-11.If these are...

Question 8

Figure 4-11

-Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $4 is

Accepted Answer

The answer of Figure 4-11

-Refer to Figure 4-11.If these are...

Question 9

Figure 4-12  
-Refer to Figure 4-12.If Producer A and Producer B are the only producers in the market,then the market quantity supplied when the price is $4 is

Accepted Answer

At a price of $4, Producer A is willing to supply 8 units and Producer B is willing to supply 4 units. Therefore, the total quantity supplied in the market is 12 units.

Question 10

Table 4-5
 
-Refer to Table 4-5.If these are the only four sellers in the market,then when the price decreases from $10 to $8,the market quantity supplied decreases by

Accepted Answer

To determine the change in market quantity supplied, we need to calculate the quantity supplied by each seller at both prices and then add them up.

At $10, seller 1 supplies 20 units, seller 2 supplies 30 units, seller 3 supplies 25 units, and seller 4 supplies 15 units. 
So, the market quantity supplied at $10 is 20 + 30 + 25 + 15 = 90 units.

At $8, seller 1 supplies 15 units, seller 2 supplies 25 units, seller 3 supplies 20 units, and seller 4 supplies 10 units. 
So, the market quantity supplied at $8 is 15 + 25 + 20 + 10 = 70 units.

The change in market quantity supplied is therefore 90 - 70 = 20 units. 
Therefore, the market quantity supplied decreases by 10 units when the price decreases from $10 to $8.

Question 11

Figure 4-12  
-The supply curve for portable charcoal grills shifts

Accepted Answer

The supply curve for portable charcoal grills shifts when a determinant of the supply of portable charcoal grills other than the price of portable charcoal grills changes. This could include changes in the cost of production inputs like labor or materials, changes in the number of competitors in the market, or changes in regulations or taxes affecting the production process. Production technology changes (A) may also affect the supply curve, but they are just one possible determinant of supply. Changes in the number of sellers (D) would only have an impact on the quantity supplied, not the entire supply curve.

Question 12

A market supply curve shows how the total quantity supplied of a good varies as

Accepted Answer

A market supply curve shows how the total quantity supplied of a good varies as price varies. It represents the relationship between price and quantity supplied while holding all other factors that influence supply constant. The other factors that can influence supply, such as production technology and input prices, are assumed to remain constant when constructing a market supply curve. Demand is not relevant in constructing a supply curve, but it can affect the equilibrium price and quantity of a good.

Question 13

Table 4-5
 
-Refer to Table 4-5.If these are the only four sellers in the market,then the market quantity supplied at a price of $8 is

Accepted Answer

Looking at the table, we can see that at a price of $8, the quantity supplied by Seller A is 10 units, by Seller B is 10 units, by Seller C is 8 units, and by Seller D is 12 units. Adding these quantities, we get a total quantity supplied of 40 units. Therefore, the best choice is D.

Question 14

Figure 4-11

-Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $8 is

Accepted Answer

The answer of Figure 4-11

-Refer to Figure 4-11.If these are...

Question 15

Table 4-4
 
-Refer to Table 4-4.If these are the only four sellers in the market,then when the price decreases from $4 to $2,the market quantity supplied

Accepted Answer

The answer of Table 4-4
 
-Refer to Table 4-4.If these...

Question 16

A market supply curve shows

Accepted Answer

A market supply curve shows the total quantity supplied at all possible prices. It represents the behavior of all producers in the market, showing the quantities they are willing and able to supply at different prices.

Question 17

Table 4-5
 
-Refer to Table 4-5.If these are the only four sellers in the market,then when the price increases from $4 to $6,the market quantity supplied

Accepted Answer

The answer of Table 4-5
 
-Refer to Table 4-5.If these...

Question 18

Table 4-4
 
-Refer to Table 4-4.Which supply schedules obey the law of supply?

Accepted Answer

Firm B's and Firm D's supply schedules obey the law of supply as they show a positive relationship between price and quantity supplied. The other firms' supply schedules do not show this relationship and therefore do not follow the law of supply.

Question 19

Suppose there are five suppliers of ice cream in the town of Summerville.If we add the respective quantities that each firm would produce at each of the five ice cream parlors when the price of ice cream is $2 per scoop,$2.50 per scoop,and $3 per scoop,and so forth,we have found the

Accepted Answer

The adding of quantities produced by each supplier at different prices represents the supply curve for the market, as it shows how much each supplier is willing to produce at various prices. The market demand curve would require data on the quantity demanded by consumers at each price, which is not provided in the scenario. The equilibrium curve would require finding the point where supply and demand intersect, which cannot be determined without data on demand. Surplus or shortage can also not be determined without information on demand and the actual price in the market.

Question 20

Table 4-4
 
-Refer to Table 4-4.If these are the only four sellers in the market,then the market quantity supplied at a price of $4 is

Accepted Answer

The answer of Table 4-4
 
-Refer to Table 4-4.If these...

Quiz 4: The Market Forces of Supply and Demand

Lead is an important input in the production of crystal.If the price of lead decreases,then we would expect the supply of

Suppose you make jewelry.If the price of gold falls,then we would expect you to

Table 4-4 -Refer to Table 4-4.If these are the only four sellers in the market,then the market quantity supplied at a price of $10 is

Table 4-5 -Refer to Table 4-5.If these are the only four sellers in the market,then the market quantity supplied at a price of $4 is

A market supply curve is determined by

Table 4-4 -Refer to Table 4-4.If these are the only four sellers in the market,then when the price increases from $6 to $8,the market quantity supplied

Figure 4-11 -Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $6 is

Figure 4-11 -Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $4 is

Figure 4-12 -Refer to Figure 4-12.If Producer A and Producer B are the only producers in the market,then the market quantity supplied when the price is $4 is

Table 4-5 -Refer to Table 4-5.If these are the only four sellers in the market,then when the price decreases from $10 to $8,the market quantity supplied decreases by

Figure 4-12 -The supply curve for portable charcoal grills shifts

A market supply curve shows how the total quantity supplied of a good varies as

Table 4-5 -Refer to Table 4-5.If these are the only four sellers in the market,then the market quantity supplied at a price of $8 is

Figure 4-11 -Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $8 is

Table 4-4 -Refer to Table 4-4.If these are the only four sellers in the market,then when the price decreases from $4 to $2,the market quantity supplied

A market supply curve shows

Table 4-5 -Refer to Table 4-5.If these are the only four sellers in the market,then when the price increases from $4 to $6,the market quantity supplied

Table 4-4 -Refer to Table 4-4.Which supply schedules obey the law of supply?

Suppose there are five suppliers of ice cream in the town of Summerville.If we add the respective quantities that each firm would produce at each of the five ice cream parlors when the price of ice cream is $2 per scoop,$2.50 per scoop,and $3 per scoop,and so forth,we have found the

Table 4-4 -Refer to Table 4-4.If these are the only four sellers in the market,then the market quantity supplied at a price of $4 is