Question 1

"Other things equal,when the price of a good rises,the quantity supplied of the good also rises,and when the price falls,the quantity supplied falls as well." This relationship between price and quantity supplied

Accepted Answer

The statement describes the law of supply, which states that there is a direct relationship between price and quantity supplied. As the price of a good increases, the quantity supplied also increases, and as the price of the good decreases, the quantity supplied also decreases. This holds true for most goods and services in the economy. The law of supply is usually represented by an upward-sloping supply curve.

Question 2

The difference between a supply schedule and a supply curve is that a supply schedule

Accepted Answer

A supply schedule is a table that shows the quantity of a good or service that producers are willing and able to supply at different prices. On the other hand, a supply curve is a graphical representation of the supply schedule, showing the relationship between the price of a good or service and the quantity that producers are willing and able to supply. Therefore, the correct answer is D, as a supply schedule is a table, and a supply curve is drawn on a graph.

Question 3

Figure 4-8 
-Refer to Figure 4-8.The movement from Point A to Point B represents a(n)

Accepted Answer

The answer of Figure 4-8 
-Refer to Figure 4-8.The movement...

Question 4

Figure 4-8 
-Refer to Figure 4-8.The movement from Point A to Point B represents a(n)

Accepted Answer

The movement from Point A to Point B represents a decrease in the quantity supplied, which is a movement along the supply curve, caused by a decrease in the price of the product.

Question 5

Which of the following is not held constant in a supply schedule?

Accepted Answer

The answer of Which of the following is not held...

Question 6

Figure 4-10 
-Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply A to Supply C in the market for winter coats?

Accepted Answer

A decrease in the price of zippers and snaps would cause a decrease in the cost of producing winter coats, leading to an increase in supply and a shift of the supply curve from Supply A to Supply C. A decrease in the price of winter hats and gloves would not have a direct impact on the supply of winter coats, and an increase in the price of winter coats or a decrease in the number of firms selling winter coats would decrease the supply and shift the curve to the left.

Question 7

Figure 4-9 
-Refer to Figure 4-9.The movement from point A to point B on the graph is caused by

Accepted Answer

The movement from point A to point B on the graph is a result of an increase in the price of the good. As the price of the good increases, the quantity supplied also increases, resulting in a movement along the supply curve.

Question 8

Which of these statements best represents the law of supply?

Accepted Answer

The answer of Which of these statements best represents the...

Question 9

Figure 4-10 
-Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for tennis racquets?

Accepted Answer

The answer of Figure 4-10 
-Refer to Figure 4-10.Which of...

Question 10

A decrease in quantity supplied

Accepted Answer

A decrease in quantity supplied refers to a movement along the existing supply curve due to a change in price. As price decreases, suppliers are willing to supply fewer units of the good, resulting in a movement downward (along the y-axis) and to the left (along the x-axis) along the fixed supply curve.

Question 11

The law of supply states that,other things equal,when the price of a good

Accepted Answer

The law of supply indicates that as the price of a good increases, producers are willing to supply more of it, hence the quantity supplied rises. This is because higher prices can cover the higher costs of production and potentially lead to greater profits.

Question 12

A supply curve slopes upward because

Accepted Answer

An upward sloping supply curve indicates that as price increases, producers have an incentive to supply a larger quantity of the good or service. This is because at higher prices, the producers can earn more profit per unit sold, which makes it more worthwhile to increase production.

Question 13

Figure 4-9 
-Refer to Figure 4-9.The movement from point A to point B on the graph is called

Accepted Answer

The movement from point A to point B on the graph represents an increase in the quantity supplied. This is because the price has increased from $4 to $6, which incentivizes producers to supply a greater quantity, resulting in a shift along the supply curve. This is different from an increase in supply, which would be represented by a shift of the entire supply curve to the right. A decrease in supply or quantity supplied would result in a shift to the left of the supply curve.

Question 14

A supply schedule is a table that shows the relationship between

Accepted Answer

A supply schedule is specifically used to show the relationship between the price of a good and the quantity of that good that will be supplied at that price.

Question 15

Which of the following demonstrates the law of supply?

Accepted Answer

The answer of Which of the following demonstrates the law...

Question 16

Figure 4-10 
-Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for disposable ballpoint pens?

Accepted Answer

The answer of Figure 4-10 
-Refer to Figure 4-10.Which of...

Question 17

The law of supply states that,other things equal,an increase in

Accepted Answer

The law of supply states that, other things being equal, an increase in price will lead to an increase in quantity supplied. This is due to the fact that suppliers are motivated to supply more goods and services at a higher price, as it allows them to earn more profit.

Question 18

Figure 4-9 
-Refer to Figure 4-9.The movement from point A to point B on the graph represents

Accepted Answer

The answer of Figure 4-9 
-Refer to Figure 4-9.The movement...

Question 19

Figure 4-10 
-Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply A to Supply C in the market for tennis racquets?

Accepted Answer

A decrease in the price of tennis racquet strings would decrease the cost of production for firms, allowing them to offer more tennis racquets at each price level. This would cause the supply curve to shift to the right from Supply A to Supply C. An increase in the price of tennis balls (A) would increase the cost of production, causing a leftward shift in the supply curve. Expectations of higher future prices (B) or a decrease in the number of firms selling tennis racquets (D) would have no immediate effect on the current supply curve.

Question 20

Other things equal,when the price of a good falls,the

Accepted Answer

The answer of Other things equal,when the price of a...

Quiz 4: The Market Forces of Supply and Demand

"Other things equal,when the price of a good rises,the quantity supplied of the good also rises,and when the price falls,the quantity supplied falls as well." This relationship between price and quantity supplied

The difference between a supply schedule and a supply curve is that a supply schedule

Figure 4-8 -Refer to Figure 4-8.The movement from Point A to Point B represents a(n)

Figure 4-8 -Refer to Figure 4-8.The movement from Point A to Point B represents a(n)

Which of the following is not held constant in a supply schedule?

Figure 4-10 -Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply A to Supply C in the market for winter coats?

Figure 4-9 -Refer to Figure 4-9.The movement from point A to point B on the graph is caused by

Which of these statements best represents the law of supply?

Figure 4-10 -Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for tennis racquets?

A decrease in quantity supplied

The law of supply states that,other things equal,when the price of a good

A supply curve slopes upward because

Figure 4-9 -Refer to Figure 4-9.The movement from point A to point B on the graph is called

A supply schedule is a table that shows the relationship between

Which of the following demonstrates the law of supply?

Figure 4-10 -Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for disposable ballpoint pens?

The law of supply states that,other things equal,an increase in

Figure 4-9 -Refer to Figure 4-9.The movement from point A to point B on the graph represents

Figure 4-10 -Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply A to Supply C in the market for tennis racquets?

Other things equal,when the price of a good falls,the