6. When a sells a good, ceteris paribus: a) there is no change in supply or the
ID: 1184376 • Letter: 6
Question
6. When a sells a good, ceteris paribus:
a) there is no change in supply or the quantity supplied.
b) the supply curve shifts to the left, but quantity supplied remains the same.
c) the quantity supplied of the good falls, but supply remains unchanged.
d) the supply curve shifts to the left, and the quantity supplied falls.
7. One reason supply curves have an "upward to the right" slope is because
a) increased supply will require increased technology.
b) people will pay a higher price when less is supplied.
c) a higher price brings a greater return than before, so people want to sell more of that good.
d) none of the above because supply curves have a "downward" slope.
8. In a market driven economic system, the decision of how to produce is primarily made by the ________ and is based upon producing at the ___________.
a) buyer; added value of the product
b) seller; the level of production that meets customer orders
c) buyer; highest price the market will bear.
d) seller; lowest possible cost
9. An increase in the productivity of producing jeans will bring about which of the following?
a) The quantity of jeans supplied will increase.
b) The supply of jeans will increase.
c) Buyers will demand more jeans because they are now more efficiently produced.
d) The Impact on the supply of jeans is impossible to predict.
10. In the market for web design services, an increase in the number of people with web designing skills will cause:
a) An increase in the equilibrium price and a decrease in the equilibrium quantity.
b) A decrease in the equilibrium price and an increase in the equilibrium quantity.
c) An increase in the equilibrium price and an increase in the equilibrium quantity.
d) A decrease in the equilibrium price and a decrease in the equilibrium quantity.
Explanation / Answer
6. a ) 7. b) 8. d) 9. a) 10. b)
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