Question

Specifically, a change in the quantity supplied is referring to: Select one: a. A movement along a given supply curve resulting from a change in price b. A shift in the supply curve either up or down c. A change in the minimum price sellers are willing to sell for resulting from a change in a determinant of supply (like input prices, technology, or taxes) d. A shift in the supply curve either left or right A good purchased by the end user of that good is called a final good. Select one: True False Which of the following will cause the demand for product (A) to decrease? Select one: a. an increase in money income if (A) is a normal good b. an increase in the price of a substitute good (S) c. population growth that causes an expansion in the number of persons consuming (A) d. an increase in the price of complementary product (C) Which of the following correctly give the conditions needed for market equilibrium? Select one: a. The quantity supplied = quantity demanded b. The quantity supplied has fallen to zero c. Everyone that demanded the good has received one d. All firms have made a profit

Answer 1

1. A change in the quantity supplied is referring to:

a. A movement along a given supply curve resulting from a change in price.

A change in quantity supplied is the change in the specific quantity sellers are willing to sell. This change is caused by a change in the price of the good. This is caused by movement along the supply curve.

A shift in supply is caused by a factor other than price and is wrong.

2.

A good purchased by the end user of that good is called a final good

True. It is used for final consumption.

3. Which of the following will cause the demand for product (A) to decrease?

d. an increase in the price of complementary product. If the price of complementary good increases then demand will fall for good A.

4.Which of the following correctly give the conditions needed for market equilibrium?

a. The quantity supplied = quantity demanded . The welfare to society is maximized.