
Microeconomics Chapter 3: Supply
Authored by Christian Martinez
Business
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Cell phone data plans are most useful when used with a smartphone, and smartphones are most useful when used with a data plan. As the price of data plans falls, the demand for smartphones will:
decrease because smartphones and data plans are substitutes
increase because smartphones and data plans are complements
decrease because smartphones and data plans are complements
increase because smartphones and data plans are substitutes
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Weather forecasters predict that a major winter storm will strike your town within the next few days. Which would occur today based upon the expected storm?
a decrease in peoples' willingness to pay for bottled water
a decrease in demand for batteries
an increase in people's willingness to pay for electric generators
a shift to the left of the demand curve for snow tires
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Suppose it is widely believed that the price of flat-screen, high-definition televisions will be lower next year. What will happen as a result of such beliefs?
The demand for flat-screen TVs will increase now
The demand for flat-screen TVs will decrease next year
The demand for flat-screen TVs will decrease now
The demand for flat-screen TVs will not change now
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The supply curve illustrates:
the relationship between the cost of production and price
the relationship between the quantity supplied and the price of a good
the total cost of producing a good
the willingness to produce a good if the technology to produce it becomes available
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
$40 lower
$40 higher
approximently the same
$80 higher
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What does the law of supply state?
There is a positive relationship between price and quantity supplied
There is a negative relationship between price and quantity supplied
When prices rise, suppliers sell more
When prices rise, buyers buy less of the product
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
(Table: Willingness to Sell) Refer to the table. Which country is earning the most producer surplus at a market price of $35 per barrel of oil?
Country X
Country Y
Country Z
Country A
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