Question 1

An individual supply curve is

Accepted Answer

A)  a graph with quantities of a product that a seller is willing to supply at different price points.
B)  a graph that plots how much a seller produces at different points in time.
C)  a graph that plots the quantities of an item that a buyer plans to buy at different prices.
D)  the quantity a seller is willing to supply at one particular price.E) All of the above
F) A) and B)

Question 2

When using the cost-benefit principle, a seller has to

Accepted Answer

A)  decide whether to supply one more unit of the item.
B)  focus on the opportunity cost of producing an item.
C)  consider the choices made by other sellers in the market.
D)  compare the marginal cost of producing an item to the price it gets for that item in the market.E) None of the above
F) A) and C)

Question 3

(Figure: Spice King Burgers' Supply Curve)  Take a look at Spice King Burgers' supply curve for burgers. How many burgers will they supply at a market price of $1.50 per burger?

Accepted Answer

A)  200 units
B)  300 units
C)  400 units
D)  500 unitsE) A) and B)
F) All of the above

Question 4

An increase in the cost of raw materials in the mining of gold will _____ the _____ automobiles.

Accepted Answer

A)  decrease; demand for
B)  increase; supply of
C)  increase; demand for
D)  decrease; supply ofE) B) and C)
F) None of the above

Question 5

A supply curve
(i)  plots the quantities a seller is willing to sell at different prices.
(ii)  shows the total cost to the seller.
(iii)  shows rising marginal costs.
(iv)  shows rising fixed costs.

Accepted Answer

A)  only (i) 
B)  (i)  and (iii) 
C)  (i) , (ii) , (iii) , and (iv) 
D)  (i) , (ii) , and (iii) E) B) and C)
F) B) and D)

Question 6

Paper producers can manufacture both printing and drawing paper. What effect would rising prices for printing paper have on the market for drawing paper?

Accepted Answer

A)  The quantity supplied of drawing paper will increase.
B)  The supply of drawing paper will decrease.
C)  The supply of drawing paper will increase.
D)  The supply of drawing paper will double as compared to before.E) A) and C)
F) A) and B)

Question 7

What is quantity supplied?

Accepted Answer

A)  It is a graph that plots the quantities of an item that a seller plans to sell at different prices.
B)  It is the amount of an item that a buyer is willing to buy at a particular price.
C)  It is the amount of an item that a seller is willing to sell at a particular price.
D)  It is a graph that plots how much a seller produces at different points in time.E) All of the above
F) B) and C)

Question 8

German firms import machinery from the UK. What will happen to the supply of German goods manufactured using machinery from the UK, if the value of the euro falls against the British pound?

Accepted Answer

A)  The quantity supplied will rise.
B)  The supply curve will shift to the left.
C)  The supply curve will shift to the right.
D)  There will be no effect on the supply.E) B) and D)
F) All of the above

Exam 3: Supply: Thinking Like a Seller

(Figure: Spice King Burgers' Supply Curve) Take a look at Spice King Burgers' supply curve for burgers. How many burgers will they supply at a market price of $1.50 per burger?

Correct Answer
verified

What is quantity supplied?

Correct Answer
verified

An individual supply curve is

Correct Answer
verified

A supply curve (i) plots the quantities a seller is willing to sell at different prices. (ii) shows the total cost to the seller. (iii) shows rising marginal costs. (iv) shows rising fixed costs.

Correct Answer
verified

German firms import machinery from the UK. What will happen to the supply of German goods manufactured using machinery from the UK, if the value of the euro falls against the British pound?

Correct Answer
verified

An increase in the cost of raw materials in the mining of gold will _ the _ automobiles.

Correct Answer
verified

When using the cost-benefit principle, a seller has to

Correct Answer
verified

Paper producers can manufacture both printing and drawing paper. What effect would rising prices for printing paper have on the market for drawing paper?

Correct Answer
verified

Exam 3: Supply: Thinking Like a Seller

(Figure: Spice King Burgers' Supply Curve) Take a look at Spice King Burgers' supply curve for burgers. How many burgers will they supply at a market price of $1.50 per burger?

Correct AnswerverifiedShow Answer

What is quantity supplied?

Correct AnswerverifiedShow Answer

An individual supply curve is

Correct AnswerverifiedShow Answer

A supply curve (i) plots the quantities a seller is willing to sell at different prices. (ii) shows the total cost to the seller. (iii) shows rising marginal costs. (iv) shows rising fixed costs.

Correct AnswerverifiedShow Answer

German firms import machinery from the UK. What will happen to the supply of German goods manufactured using machinery from the UK, if the value of the euro falls against the British pound?

Correct AnswerverifiedShow Answer

An increase in the cost of raw materials in the mining of gold will _____ the _____ automobiles.

Correct AnswerverifiedShow Answer

When using the cost-benefit principle, a seller has to

Correct AnswerverifiedShow Answer

Paper producers can manufacture both printing and drawing paper. What effect would rising prices for printing paper have on the market for drawing paper?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

An increase in the cost of raw materials in the mining of gold will _ the _ automobiles.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified