Question : 61) The graph illustrates the supply of sweaters. Which of : 1239006

61) The graph illustrates the supply of sweaters. Which of the following events will increase the quantity supplied of sweaters?

A) a rise in the price of a sweater

B) a rise in the wage rate paid to the workers who make sweaters

C) a rise in the expected future price of a sweater

D) an increase in the number of sellers of sweaters

E) a decrease in the number of sweater buyers

62) Which of the following indicates that the law of supply applies to makers of soda?

A) An increase in the price of a soda leads to an increase in the demand for soda.

B) An increase in the price of a soda leads to an increase in the supply of soda.

C) An increase in the price of a soda leads to an increase in the quantity of soda supplied.

D) A decrease in the price of a soda leads to an increase in the quantity of soda demanded.

E) A decrease in the price of a soda leads to an increase in the supply of soda.

63) One reason supply curves have an upward slope is because

A) increased supply will require increased technology.

B) people will pay a higher price when less is supplied.

C) a higher price brings a greater profit, so firms want to sell more of that good.

D) to have more of the good supplied requires more firms to open.

E) None of the above answers is correct because supply curves have a downward slope.

64) The market supply curve is the ________ of the ________.

A) horizontal sum; individual supply curves

B) vertical sum; individual supply curves

C) horizontal sum; individual supply curves minus the market demand

D) vertical sum; individual supply curves minus the market demand

E) vertical average; of the individual supply curves

65) If the costs of producing pizza increase, which will occur?

A) The supply of pizza will decrease.

B) The quantity of pizzas supplied will increase as sellers try to cover their costs.

C) Pizza will cease to be produced and sold.

D) The demand curve for pizza will shift leftward when the price of a pizza increases.

E) The demand curve for pizza will shift rightward when the price of a pizza increases.

66) Wheat is used to produce cereal. When the price of wheat falls, the

A) demand for wheat increases.

B) supply of wheat decreases.

C) supply of cereal increases.

D) demand for cereal increases.

E) demand for cereal decreases.

67) A rise in the price of a substitute in production for a good leads to

A) an increase in the supply of that good.

B) a decrease in the supply of that good.

C) no change in the supply of that good; instead there is a change in the quantity supplied.

D) a decrease in the quantity of that good supplied.

E) no change in either the supply or the quantity supplied of the good.

68) Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes and the supply curve of shoes ________.

A) increases; shifts rightward

B) increases; shifts leftward

C) decreases; shifts rightward

D) decreases; shifts leftward

E) does not change; does not shift

69) An increase in the number of producers of bird seed ________ the supply of bird seed and shifts the supply curve of bird seed ________.

A) increases; rightward

B) increases; leftward

C) decreases; rightward

D) decreases; leftward

E) does not change; rightward

70) Which of the following will increase the supply of a product?

A) an increase in the price of the product

B) an increase in the demand for the product

C) an increase in the number of sellers

D) a decrease in the demand for the product

E) an increase in the price of inputs