C: Represents a movement along the supply curve for cotton shirts D: Increase th

Question

C: Represents a movement along the supply curve for cotton shirts D: Increase the quantity supplied of cotton shirts E: Not shift the supply curve for cotton shirts 5.An increase in supply is caused by A: An increase in input prices B: Expectations of higher prices in the future C: A decrease production D: A decrease in the number of producers in the industry E: An increase in the price of the good in the prices of goods that are substitutes in 6.Which of the following will decrease the supply of good "x"? A: technology changes the production of all goods B: the price of good x falls C: the price of good y a substitute for good x decreases D: the wages of workers making good x increase E: the demand for good x decreases 7.An increase in the demand for steak will lead to an increase in which of the following A: the supply of steak B: the supply of hamburger (a substitute in production) C: the supply of chicken (a substitute in consumption) D: the supply of leather (a complement in production) E: the demand for leather 8.Consider the table I below-Supply of GizmosIf the market price is S5 per Gizmos, the total quantity supplied will be: A: 122 B: 126 C: 90 D: 156 E: 42 9.Over the past five years the technology used to make turbines for alternative energy sources has increased

Explanation / Answer

5. Option C

Explanation: This will result in a decrease in the cost of production. A fall in the production cost would increase quantity supplied at each price level. So, the supply will increase.

6. Option D

Explanation: This will result in an increase in the cost of production. A rise in the production cost would decrease the quantity supplied at each price level. So, the supply will decrease.

7. Option D

Explanation: An increase in the demand for steak would increase in the supply for steak. Leather is a byproduct in the steak production process. So, increase in steak production will increase production and supply of leather.

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