1- the supply curve illustrates that firms? - increase the quality supplied of g

Question

1- the supply curve illustrates that firms? - increase the quality supplied of good when it's price raises. - increase the supply of good when it's price raises. -increase the quantity supplied of a good when there is an increase in the cost of resources used to produce that good. -decrease the quantity supplied of a good when there is a decrease in the cost of resources used to produce that good. -decrease the quantity supplied to earn higher profits.
2-Whenever the quantity demanded is NOT equal to the quantity supplied, the quantity that is actually sold in the market is: - the greater of the quantity demanded and the quantity supplied. - the quantity demanded. - the quantity supplied. -the smaller of the quantity demanded and the quantity supplied. -the average of the quantity demanded and the quantity supplied.
3-A demand curve is ________________sloping because_________________. - downward; more people are willing to buy the item at lower prices. -downward; reservation prices tend to fall over time. - upward; people are upwardly mobile. X. - upward; people prefer to purchase high quality customers good. 4-Efficiency is an important goal in economics because it: -assures a fair outcome. -assures a normative outcome. -assures a higher level of output. -takes into consideration the distribution of income. 5-An excess demand (i.e. referred to as a shortage by Prof Alonzi) occurs when: -supply is greater than demand. -the equilibrium price is too high. -quantity supplied exceeds quantity demanded. -quantity demanded exceeds quantity supplied. -demand is greater than supply.
1- the supply curve illustrates that firms? - increase the quality supplied of good when it's price raises. - increase the supply of good when it's price raises. -increase the quantity supplied of a good when there is an increase in the cost of resources used to produce that good. -decrease the quantity supplied of a good when there is a decrease in the cost of resources used to produce that good. -decrease the quantity supplied to earn higher profits.
2-Whenever the quantity demanded is NOT equal to the quantity supplied, the quantity that is actually sold in the market is: - the greater of the quantity demanded and the quantity supplied. - the quantity demanded. - the quantity supplied. -the smaller of the quantity demanded and the quantity supplied. -the average of the quantity demanded and the quantity supplied.
3-A demand curve is ________________sloping because_________________. - downward; more people are willing to buy the item at lower prices. -downward; reservation prices tend to fall over time. - upward; people are upwardly mobile. X. - upward; people prefer to purchase high quality customers good. 4-Efficiency is an important goal in economics because it: -assures a fair outcome. -assures a normative outcome. -assures a higher level of output. -takes into consideration the distribution of income. 5-An excess demand (i.e. referred to as a shortage by Prof Alonzi) occurs when: -supply is greater than demand. -the equilibrium price is too high. -quantity supplied exceeds quantity demanded. -quantity demanded exceeds quantity supplied. -demand is greater than supply.
- increase the quality supplied of good when it's price raises. - increase the supply of good when it's price raises. -increase the quantity supplied of a good when there is an increase in the cost of resources used to produce that good. -decrease the quantity supplied of a good when there is a decrease in the cost of resources used to produce that good. -decrease the quantity supplied of a good when there is a decrease in the cost of resources used to produce that good. -decrease the quantity supplied to earn higher profits.
2-Whenever the quantity demanded is NOT equal to the quantity supplied, the quantity that is actually sold in the market is: - the greater of the quantity demanded and the quantity supplied. - the quantity demanded. - the quantity supplied. -the smaller of the quantity demanded and the quantity supplied. -the average of the quantity demanded and the quantity supplied.
3-A demand curve is ________________sloping because_________________. - downward; more people are willing to buy the item at lower prices. -downward; reservation prices tend to fall over time. - upward; people are upwardly mobile. X. - upward; people prefer to purchase high quality customers good. 4-Efficiency is an important goal in economics because it: -assures a fair outcome. -assures a normative outcome. -assures a higher level of output. -takes into consideration the distribution of income. 5-An excess demand (i.e. referred to as a shortage by Prof Alonzi) occurs when: -supply is greater than demand. -the equilibrium price is too high. -quantity supplied exceeds quantity demanded. -quantity demanded exceeds quantity supplied. -demand is greater than supply.

Explanation / Answer

1. b) increase the quantity supplied when a product's price rises

Lower supply for higher profitability is only when the price is high; the suppliers increase the supply when the price rises

Decrease the quantity supplied to earn profits when the prices are low. This otherwise holds for a monopoly.

2. c) The quantity supplied

When the quantity sold is below the equilibrium quantity, the quantity demanded is higher, the quantity sold is the quantity supplied

3. a) downward sloping; because more people are willing to buy the product at lower prices

For a normal good, quantity demanded increases as price decreases

4. c) assures a higher level of output

Efficiency means use of resources to produce the maximum; it reduces waste.

5 d) quantity demanded exceeds quantity supplied

5.

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