1. Refer to the following graph. Which of the following would most likely lead t
ID: 1099993 • Letter: 1
Question
1. Refer to the following graph. Which of the following would most likely lead to a shift of the supply curve from S1 to S2?
an increase in the price of inputs
an increase in the output price
higher worker productivity in production
an increase in the number of sellers
2. All of the following lead to a shift of the supply curve to the right, EXCEPT:
an increase in the sales tax.
entry of producers.
a decrease in the price of inputs.
a technological innovation that raises worker productivity.
3. The following graph shows the demand curve for peanut butter. Which of the following would most likely lead to a shift of the demand curve from D1to D2?
an increase in the price of peanut butter
a decrease in the price of peanut butter
a decrease in the price of bread, which is a complement to peanut butter
an increase in the price of bread, which is a complement to peanut butter
4..Refer to the following diagram. If the price equals $4, market competition will:
push up the market price.
push down the market price.
keep the market price stable at that level.
push the market price up and then back down to $4.
5. Refer to the following diagram. If 55 units of the good are sold at $5:
(the picture diagram same with questions 4)
there are wasted resources.
there are unsatisfied wants.
there are unexploited gains from trade.
None of the other answers would be true.
6.Refer to the following diagram. In a free market, the total amount of producer surplus and consumer surplus is the greatest when:
the picture diagram same with questions 4
70 units are sold each at $6.
55 units are sold each at $5.
40 units are sold each at $4.
0 units are sold each at $0.
7. The market price of milk has increased. Which of the following could be the reason?
an increase in the demand for milk
a decrease in the demand for milk.
an increase in the supply of milk
a decrease in demand combined with an increase in supply
an increase in the price of inputs
an increase in the output price
higher worker productivity in production
an increase in the number of sellers
Explanation / Answer
1. an increase in the price of input.
2 an increase in the sales tax.
3 an increase in the price of bread which is a complimentry to peanut butter.
4. push up the mkt price
5. none of the other answers would be true.
6.units are sold each at $5
7.increase in the demand for milk
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