5- To calculate market supply we: Add the quantities supplied for each individua
ID: 1136432 • Letter: 5
Question
5- To calculate market supply we:
Add the quantities supplied for each individual supply schedule horizontally.
Add the quantities supplied for each individual supply schedule vertically.
Find the average quantity supplied at each price.
Find the difference between the quantity supplied and the quantity demanded at each price.
16- A change in the price of a good:
a.Causes a shift in the supply curve.
Results in a change in quantity supplied.
c.Results in a change in supply.
d.Is a determinant of supply.
31.An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price:
a.To rise and quantity to fall.
b.To fall and quantity to rise.
c.And quantity to rise.
And quantity to fall.
34.As a result of a shortage:
Consumers increase demand for the product.
Producers reduce supply.
c Producers increase output and raise the price.
d Government purchases decrease.
60 A change in price changes the quantity demanded and is represented by a movement along the demand curve.
a.ture
b. false
a.Add the quantities supplied for each individual supply schedule horizontally.
b.Add the quantities supplied for each individual supply schedule vertically.
c.Find the average quantity supplied at each price.
d.Find the difference between the quantity supplied and the quantity demanded at each price.
Explanation / Answer
a) "B"
To get the market supply we need to add quantity supplied to each individual vertically.
b) "B"
A change in the price of the good will result in a change in the quantity supplied and will not shift the supply curve.
c) "B"
it will decrease the supply and increase the quantity supplied in the market.
d) "C"
A shortage means higher demand and lower supply. the supplier will increase the price and produce more to earn a profit.
e) "True"
It causes a movement along the demand curve.
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