TRUE or FALSE: If the price of corn chips falls, suppliers will increase the quantity of...
TRUE or FALSE:
- If the price of corn chips falls, suppliers will increase the quantity of corn chips supplied.
- The law of Supply is really a result of diminishing marginal returns to production.
- An outward shift in the supply curve for coffee means that, at any price, firms will increase the quantity supplied.
- Money is an economic resource
Homework Answers
- false
If the price of corn chips falls quantity supplied increases.
- true
Law of diminishing marginal returns has direct effect on law of supply.
- true
Increase in supply implies increase in quantity supplied at every price.
- false
Money is not an economic resource.
Add Answer to:
TRUE or FALSE:
If the price of corn chips falls, suppliers will increase the
quantity of...
1. Which of the following represents the law of supply? An increase in the price of...
1. Which of the following represents the law of supply? An increase in the price of a good causes a rightward shift of the supply curve for that good. An increase in the price of a good causes an increase in the supply of that good. An increase in the price of a good causes an increase in the quantity supplied of that good. all of the above 2. The quantity supplied of a particular good is the amount of...
11. If the price level falls and the money wage rate does not change, some firms...
11. If the price level falls and the money wage rate does not change, some firms ________ and there is ________. A. start-up; a rightward shift of the aggregate supply curve B. shut down; a decrease in the quantity of real GDP supplied C. start-up; an increase in potential GDP D. shut down; a leftward shift of the aggregate supply curve E. shut down; a decrease in potential GDP
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20...
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20 marks) 1. A demand curve is downward sloping because as the price of a good falls, consumers will substitute some other good for that good whose price has fallen. 2. An improvement in the technology for producing Gari will shift the supply curve for Gari to the left. 3. The minimum wage is an example ofa price floor. 4. Ifthe price ofa good goes...
An increase in the price of inputs needed to produce a product wil, ceteris paribus, result...
An increase in the price of inputs needed to produce a product wil, ceteris paribus, result in a O A loftward shift of the supply curve. OB. rightward shift of the supply curve. OD. movement down and to the left along the supply curve. A change in quantity supplied is reflected by a shift of the supply curve. OA. True OB. False
LILY QUESTIONS 1. The law of supply states that as the market price increases a. the quantity supplied increases b....
LILY QUESTIONS 1. The law of supply states that as the market price increases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 2. The law of supply states that as the market price decreases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 3. As more firms exit the market a. the market supply increases (shifts to the right). b. the...
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward....
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward. ii. the demand curve for DVDs will not shift. iii. there will be a movement along the demand curve for DVDs. Select one: A. i only d B. ii only C. iii only D. ii and i E. i and iii O Which of the following increases the supply of petrol? Select one: O A. A decrease in the price of a resource used...
1. If demand deceases and supply remains constant, what happens to the market equilibrium? A. Quantity...
1. If demand deceases and supply remains constant, what happens to the market equilibrium? A. Quantity and price both rise. B. neither price or quantity will change C. Quantity and price both fall. D. Quantity rises and price falls. 2. A positive statement is A. an opinion B. a value judgement. C. can be shown to be correct or incorrect. D. based upon what can be demonstrated to be true. 3. If a technology change reduces a company's production costs,...
Price Quantity Demanded 1) The above table shows Jeff's demand schedule for coffee per week. Use...
Price Quantity Demanded 1) The above table shows Jeff's demand schedule for coffee per week. Use the table to draw Jeff's demand curve for coffee. Make sure to label the axes. Price Quantity Demanded 6 | 9 112 2) The above table shows Lorissa's demand schedule for coffee per week. Use the table to draw Lorissa's demand curve for coffee. Make sure to label the axes. Price Quantity Demanded 3) Use the space above the draw the market demand curve...
QUESTION 30 As the price of orange juice rises, the: demand for orange juice falls. demand...
QUESTION 30 As the price of orange juice rises, the: demand for orange juice falls. demand for grape juice rises. demand for grape juice falls. supply of orange juice falls. QUESTION 31 A decrease in the price of on-demand video streaming services such as Netflix leads to an): increase in the demand for DVD players. increase in the quantity demanded for DVDs. increase in the demand for DVDs. decrease in the demand for DVDs QUESTION 32 Which of the following...
True or False: Indicate whether the following questions are true or false and then EXPLAIN why. 1. An increase in price expectations shifts the long-run aggregate supply curve to the left. 2. All expl...
True or False: Indicate whether the following questions are true or false and then EXPLAIN why. 1. An increase in price expectations shifts the long-run aggregate supply curve to the left. 2. All explanations for the upward slope of the short-run aggregate supply curve suppose that the quantity of output supplied increases when the actual price level exceeds the price level that was expected. 3. One reason the Aggregate Demand curve slopes downward is the real wealth effect: a decrease...
An increase in the price of inputs needed to produce a product wil, ceteris paribus, result in a O A loftward shift of the supply curve. OB. rightward shift of the supply curve. OD. movement down and to the left along the supply curve. A change in quantity supplied is reflected by a shift of the supply curve. OA. True OB. False
LILY QUESTIONS 1. The law of supply states that as the market price increases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 2. The law of supply states that as the market price decreases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 3. As more firms exit the market a. the market supply increases (shifts to the right). b. the...
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward. ii. the demand curve for DVDs will not shift. iii. there will be a movement along the demand curve for DVDs. Select one: A. i only d B. ii only C. iii only D. ii and i E. i and iii O Which of the following increases the supply of petrol? Select one: O A. A decrease in the price of a resource used...
Price Quantity Demanded 1) The above table shows Jeff's demand schedule for coffee per week. Use the table to draw Jeff's demand curve for coffee. Make sure to label the axes. Price Quantity Demanded 6 | 9 112 2) The above table shows Lorissa's demand schedule for coffee per week. Use the table to draw Lorissa's demand curve for coffee. Make sure to label the axes. Price Quantity Demanded 3) Use the space above the draw the market demand curve...
QUESTION 30 As the price of orange juice rises, the: demand for orange juice falls. demand for grape juice rises. demand for grape juice falls. supply of orange juice falls. QUESTION 31 A decrease in the price of on-demand video streaming services such as Netflix leads to an): increase in the demand for DVD players. increase in the quantity demanded for DVDs. increase in the demand for DVDs. decrease in the demand for DVDs QUESTION 32 Which of the following...
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