Question : 61) Suppose that a newer way to produce a good : 1384145

61) Suppose that a newer way to produce a good is discovered, which reduces production costs for the good. This will cause

A) no change in the supply curve, only a change in price.

B) a decrease in supply (a leftward shift of the supply curve).

C) a movement up the supply curve.

D) a movement down the supply curve.

E) an increase in supply (a rightward shift of the supply curve).

62) Suppose that some resource X is necessary to produce some good Y. If the price of X falls

A) the supply curve of resource X shifts to the left.

B) the supply curve of good Y shifts to the right.

C) the supply curve of good Y is unaffected.

D) there is a movement along the supply curve of good Y.

E) the demand curve for X shifts to the right.

63) An improvement in the technology used to produce solar panels will

A) lead to a leftward shift in the supply curve.

B) lead to a leftward shift of the demand curve.

C) lead to a rightward shift of the demand curve.

D) have no effect on the supply curve for solar panels.

E) lead to a rightward shift in the supply curve.

64) An increase in the number of firms wanting to provide accounting services will cause a ________ for accounting services.

A) leftward shift in the supply curve

B) rightward shift in the demand curve

C) leftward shift in the demand curve

D) rightward shift in the supply curve

E) simultaneous shift of both the demand and supply curves

65) The supply for some good or service will decrease if

A) technology improves.

B) the prices of inputs fall.

C) the prices of inputs increase.

D) technology improves and the price of inputs falls.

E) more suppliers enter the industry.

66) In which statement is the term “supply” used correctly? (1) An increase in the price of leather will cause a decrease in the supply of leather. (2) An increase in the price of leather will cause a decrease in the supply of leather boots.

A) the second statement only

B) neither statement

C) the first statement only

D) both statements

E) not enough information to tell

67) A fall in the price of potatoes, which are used in the production of french fries, will

A) lead to a decrease in the supply of french fries, causing the supply curve of french fries to shift to the left.

B) lead to an increase in the supply of french fries, causing the supply curve of french fries to shift to the right.

C) have no effect on the supply of french fries.

D) have no effect on the supply of french fries but cause a movement along the supply curve of french fries.

E) lead to a decrease in the demand for french fries.

68) A leftward shift in the supply curve indicates

A) a decrease in the quantity supplied at each price.

B) that an increase in income results in an increase in the quantity demanded at each price.

C) that more is demanded at each price.

D) an increase in the quantity supplied at each price.

E) that more suppliers have entered the industry.

69) Refer to Figure 3-2. If the supply curve is given by S, the ________ energy-efficient light bulbs is 175 000 when the price is $9.

A) quantity supplied of

B) quantity purchased of

C) quantity sold of

D) supply schedule for

E) supply of

70) Refer to Figure 3-2. The movement along the supply curve, S, from point a to point c, could be caused by

A) a decrease in the price of energy-efficient light bulbs.

B) a decrease in the price of glass, a major input in the production of energy-efficient light bulbs.

C) an increase in the number of suppliers of energy-efficient light bulbs.

D) an increase in the price of energy-efficient light bulbs.

E) a decrease in the price of ordinary light bulbs.