Quiz

You have completed your quiz attempt. You have scored 4 point(s).

Question Results
Score 0.00 of 1

1. Other things equal, when the price of a good rises, the quantity supplied of the good
also rises. This is called:
Law of increasing costs

Law of diminishing returns

Law of supply

Law of demand
Score 1.00 of 1

2. Which of the following is not held constant along a given supply curve for a good?
The cost of factors of production
Price

Technology
Taxes
Score 1.00 of 1

3. A shift in supply is defined as a change in:

Price

Quantity supplied because of a change in price

Equilibrium quantity
Non-price determinant
Score 0.00 of 1

4. A change in the price of a good:

Causes a shift in the supply curve
Results in a change in quantity supplied

Results in a change in supply

Is a determinant of supply
Score 1.00 of 1

5. An increase in the price of a good causes a:

Rightward shift in the supply curve
Movement down the supply curve
Movement of the supply curve from left to right

Leftward shift in the supply curve

Score 0.00 of 1

6. Economists make a distinction between changes in quantity supplied and

changes in supply:

Because the supply curve shifts whenever there is a change in quantity supplied
To distinguish a movement along a supply curve from a shift in the supply curve

Because the demand curve shifts whenever there is a change in quantity supplied
To distinguish a supply shift from a demand shift
Score 0.00 of 1

7. Which of the following is a determinant of supply?

Suppliers' tastes for the good they produced
Consumers' desire for the good
Consumers' income

Available technology

Score 0.00 of 1

8. The amount of a good, suppliers are willing and able to supply at any given
price in a given time period could depend on:
Buyer's income

The state of technology at the time

Expectations on the part of buyers

The consumer demand for the good

Score 0.00 of 1

9. According to the law of supply, a supply curve:

Has a negative slope
Is a horizontal, or flat, line
Has a positive slope

Will always be less than the demand curve

Score 0.00 of 1

10. To calculate market supply we:

Add the quantities supplied for each individual supply schedule horizontally

Add the quantities supplied for each individual supply schedule vertically

Find the average quantity supplied at each price

Find the difference between the quantity supplied and the quantity demanded at e
Score 1.00 of 1

11. Which of the following is a market-supply determinant but not an

individual firm's supply determinant?
Technology
Factor costs
Seller expectations
Number of sellers
Score 0.00 of 1

12. Which of the following events would cause a rightward shift in the
market supply curve for automobiles?
A technological improvement, which reduces the cost of production

An increase in the wages of autoworkers

A higher sales tax on automobiles
A decrease in the number of sellers