Type of Paper: Question-Answer
Academic Level: Undergrad. (yrs 3-4)
Paper Format: APA
Economics/Micrhe price of a good and the quantity supplied are:
Companies will be willing and able to produce additional units of a good only if the:price of the good increases enough to cover the increasing costs.
Which principle states that as the price of a good increases the quantity supplied will increase?The law of supply
In economics, a downward-sloping or upward-straight line is often called:a curve
The sum of individual supply curves added together reflect the ______ supply curve.market
On the supply side of the market, when the price of a good increases, the quantity supplied of the good ___________ .increases
According to the law of supply, as price ________, quantity supplied ________.increases; increases
Firms will be willing and able to produce more output only when prices rise, because the _________ cost of production is rising. (Enter one word in the blank.)opportunity
The law that states that as the price of a good, service, or resource rises, the quantity supplied will increase, all else held constant, is the law of supply
If a nonprice determinant of supply causes an increase in supply,:the supply curve will shift to the right.
To simplify analysis in economics, supply curves are often drawn as:
The sum of individual supply curves added together reflect the:market supply
A change in taxes and subsidies on producers alters marketsupply
The law of supply tells us that:higher prices of goods result in higher quantities of goods being supplied.
Subsidies most often take the form of payments to businesses governments. (True or False)True
Firms will be willing and able to produce more output only when prices rise because the:opportunity cost of production is increasing.
A payment made to the government that is the result of economic activity is called a ________tax, taxation or taxes
Which of the following is a possible outcome if a nonprice determinant of supply changes?A decrease in supply at all possible prices
An increase in supply at all possible prices
The government decides to implement a tax on turnips. What will be the effect on the turnip market?
A change in supply
What is the effect of a subsidy being placed on the market?
A decrease in the cost of production
is a benefit given by the government to individuals or businesses.
A tax on producers:
increases the cost of producing.
Taxes are generally collected from:
individuals and firms.
The supply curve will shift to the right or left when:
a non-price determinant of supply changes.
Any change in the availability and quality of resources and technology will likely affect the:
quantity producers are willing and able to supply to the market at every price.
A(n) _______to producers lowers the cost of producing. (Enter one word in the blank.)
subsidy or subsidies
A tax on producers ______ the cost of producing. (Choose between increases/decreases).
Inputs used to produce goods and services are:resources
A tax is a payment made to:the government that is the result of economic activity.
When producers expect lower future prices, current supply shifts to the
The supply curve in the current period will shift to the:
right when producers expect lower prices in the future.
Any change in technology and the availability and the quality of resources are likely to affect the
______ that producers are willing and able to supply to the market at every price.quantity or amount
Another term for the factors of production used to produce goods and services is:resources.
The supply curve will shift to the left in the current period when producers expect higher prices in the future and there are fewer sellers.
Firms expecting a cold winter will anticipate an increased demand for scarves resulting in an increased future price. How will the market adjust today?
Supply will decrease at every possible price.
Any change in the availability and quality of resources and technology will likely affect the:quantity producers are willing and able to supply to the market at every price.
When the number of sellers increases,:supply increases.
Producers expect the price of lumber to increase next month. How will producers respond today?The supply of lumber will decrease at every price.