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Exam 3: Supply: Thinking Like a Seller

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Question 21

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If a seller expects prices to rise in the future

A) there will no change in the seller's actions today.
B) the quantity supplied will increase today.
C) the supply will increase today.
D) it will stock up today and sell the goods when the price rises.

E) A) and D)
F) None of the above

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Question 22

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Which of the following scenarios does NOT depict a rational seller?

A) The Flowery Bower calculates the marginal cost of a bouquet of red roses as $10 and sells it at $45.
B) United Airlines determines the marginal cost of an extra passenger to be $55 and sells a discount seat for $150.
C) An auto-rickshaw driver in New Delhi, India, calculates a trip to have a marginal cost of 350 rupees and accepts a ride request for 500 rupees.
D) Main Street Bakery calculates the marginal cost of a multilayer red velvet cake sd $9 and sells it for $8.

E) None of the above
F) A) and B)

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Question 23

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Which factor is MOST likely to shift the supply curve for milk to the left?

If a firm expects lower prices in the future

The typical supply curve illustrates that:

For each of the three scenarios below, explain the impact on supply. (i) In the market for automobiles, a credible forecast is released that says that prices will rise in the near future. (ii) Publishers begin to offer low-cost paperback versions of textbooks. What happens in the market for hardcover textbooks? (iii) On a cruise ship, the washing and cutting of lettuce by hand is replaced by an automated washer and chopper that processes the lettuce for salads. What happens to the supply of salads on the cruise ship?

What will the impact be on the supply of long-haul truck transportation services if diesel fuel becomes cheaper?

A competitive market is

(Figure: Graph) Use the graph below to answer the following questions. (A) In what direction did market supply change to cause the shift from point M to G? (B) A firm can produce apple snacks or apple juice. In what direction did the price of apples change to cause the shift from point G to point M? (C) A firm can produce apple snacks or apple juice. In what direction did the price of apples change to cause the shift from point K to point H? (D) In what direction did productivity change to cause the shift from point H to point K?

If the price of bananas is greater than the marginal cost of bananas, then:

As a part of a market research project, you survey six food trucks across the city to gather data on how many meals they would plan to sale at various prices. The data you collect is in the accompanying table. What is the change in the total supply of meals in your survey when the price increases from $8 per meal to $9 per meal? ? Quantity of Meals Supplied Per Week $\begin{array} { | l | l | l | l | l | l | l | } \hline \begin{array} { l } \text { Price per } \\\text { meal }\end{array} & \begin{array} { l } \text { Mario's Taco } \\\text { Stand }\end{array} & \begin{array} { l } \text { Curbside Chargrilled } \\\text { Burgers }\end{array} & \begin{array} { l } \text { Chuckin' Clouds } \\\text { BBQ }\end{array} & \begin{array} { l } \text { Burrito } \\\text { Dan's }\end{array} & \begin{array} { l } \text { La Jefa } \\\text { Cubanos }\end{array} & \begin{array} { l } \text { What a Jerk } \\\text { Jamaican Food }\end{array} \\\hline \$ 6.00 & 100 & 150 & 125 & 200 & 100 & 160 \\\hline \$ 7.00 & 120 & 180 & 150 & 220 & 120 & 190 \\\hline \$ 8.00 & 140 & 210 & 175 & 240 & 150 & 220 \\\hline \$ 9.00 & 160 & 240 & 200 & 260 & 190 & 250 \\\hline \$ 10.00 & 180 & 270 & 225 & 280 & 250 & 280 \\\hline\end{array}$

(Figure: Graph) In the graph, the movement from point H to point G represents

Which of the following lists only the factors that would cause a decrease in the supply of an item?

The market supply is the

(Table: Supply of Matcha Tea) Use Table: Supply of Matcha Tea. If the price of matcha tea is $0.75 per cup, the total quantity of matcha tea supplied will be _____ cups per day.

Suppose Ben has a part-time business mowing lawns. He has mowed nine lawns on a given day; the price he will receive to mow the tenth lawn is $20, and the marginal cost is $12. Bob should:

Which factor would cause a supply curve to shift to the LEFT?

(Figure: Market for Automobiles) Which graph shows what will happen in the market for automobiles if there is an advancement in production technology? ​

The Mile End Deli serves traditional delicatessen food in Brooklyn, New York. Which cost is MOST likely fixed at the deli?

The table shows the monthly individual supply schedules for four firms in the packed-meals market. What is the market supply at $5.75 per meal? ​