Q21. A supply curve generally a. is a straight horizontal line b. is a straight

Question

Q21. A supply curve generally
   a. is a straight horizontal line
   b. is a straight vertical line
   c. slopes downward to the right
   d. slopes upward to the right

Q22. In the long run, the supply of goods is based on
   a. the availability of the resources and the costs of production
   b. the availability of the resources and the level of consumers' incomes
   c. the costs of production and consumer preferences
   d. government regulations

Q23. A demand curve generally
   a. is a straight horizontal line
   b. is a straight vertical line
   c. slopes downward to the right
   d. slopes downward to the left

Q24. Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is
   a. inelastic, and total revenue will increase
   b. elastic, and total revenue will increase
   c. inelastic, and total revenue will decrease
   d. elastic, and total revenue will decrease

Q25. Total profit is equal to
   a. total revenue minus total cost
   b. total revenue minus explicit cost
   c. total revenue minus variable cost
   d. total revenue minus marginal cost

Explanation / Answer

21   d. slopes upward to the right

22     a. the availability of the resources and the costs of production

23   c. slopes downward to the right

24    b. elastic, and total revenue will increase

25    a. total revenue minus total cost

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