Econ (Assign Ans) Quiz 2023 with complete solution
0 view 0 purchase
Course
Econ
Institution
Econ
Econ (Assign Ans) Quiz 2023 with complete solution
Use the drop-down menu to complete each statement.
The law of supply states that as the price of a good rises, the supply of that good will .
According to the law of supply, as the price of a good falls, the supply of that good will .
increas...
econ assign ans quiz 2023 with complete solution use the drop down menu to complete each statement the law of supply states that as the price of a good rises
the supply of that good will accord
Written for
Econ
All documents for this subject (279)
Seller
Follow
magdamwikash23
Reviews received
Content preview
Econ (Assign Ans) Quiz 2023 with complete solution
Use the drop-down menu to complete each statement.
The law of supply states that as the price of a good rises, the supply of that good
will .
According to the law of supply, as the price of a good falls, the supply of that
good will .
increase, decrease
when producers supply more or less of it based on changing prices.
elastic
when producers do not change how much of it is supplied when prices change.
inelastic
In the sample scenario, what does this mean about the elasticity of wheat in
relation to supply?
Wheat is elastic.
Based on the information presented in the scenario, which factor is affecting the
supply created by the furniture company?
ability to produce
Refer to the chart, and then use the drop-down menu to complete each statement.
The supply of jeansas the price rises.
When the price per pair is $50, the quantity supplied is.
As the price increases from $20 to $60, the quantity supplied increases by.
is increasing, 40, 40
Which change is illustrated by the shift taking place on this graph
a decrease in supply
Supply is a powerful force in a free market.
In two to three sentences, explain some of the factors that cause shifts in supply
and what effects these shifts may have.
Shifts in supply occur when the amount of goods available increases or decreases.
Shifts in supply can happen when prices change, when competitors produce similar
goods, or when the availability of labor or resources changes.
What is the point at which supply and demand intersect at a given price?
equilibrium point
The price of a product has dropped greatly, and store owners do not have enough
of the item to meet demand.
Demand for a new truck is beginning to decrease, but car dealerships still have
too many of these trucks on their lots.
The price for a popular holiday toy has risen too high, and consumers are not
purchasing items in stock in stores.
excess demand, excess supply, excess supply
Match each term with the correct part of the graph.
B,A,C
On this graph, the equilibrium point occurs at which price?
$9
Use this graph to answer the following questions.
In this example, what is occurring within the market?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller magdamwikash23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.