Question : 55) Which of the following leads to an increase in : 1241461

55) Which of the following leads to an increase in the quantity supplied but not an increase in supply?

A) a decrease in the costs of production

B) an increase in the product’s price

C) an advance in the technology used to produce the good

D) an increase in the price of another product that the suppliers can produce

E) an increase in the number of firms producing the good or service

56) The price of salsa rises. How does the increase in the price of salsa affect the supply of salsa?

A) The supply of salsa increases.

B) The supply of salsa decreases.

C) There is no change to either the supply of salsa or the quantity of salsa supplied.

D) There is no change to the supply of salsa, but the quantity of salsa supplied increases.

E) There is no change to the supply of salsa, but the quantity of salsa supplied decreases.

57) If a higher price for wheat decreases the quantity of corn being produced, which of the following describes what has occurred?

A) The supply of wheat increased and the supply of corn decreased.

B) The quantity of wheat supplied increased and quantity of corn supplied decreased.

C) The supply of wheat increased and the quantity of corn supplied decreased

D) The quantity of wheat supplied increased and the supply of corn decreased.

E) The supply of wheat decreased and the supply of corn decreased.

58) “Other things remaining the same, if the price of a good rises, the quantity supplied of that good increases.” This sentence describes a

A) shift of a supply curve.

B) shift of the price curve.

C) movement along a supply curve.

D) movement along the price curve.

E) movement along the quantity curve.

59) The quantity supplied of a good, service, or resource is ________ during a specified period and at a specified price.

A) the amount that people are able to sell

B) the amount that people are willing to sell

C) the amount that people are able and willing to sell

D) the amount that people are willing and able to buy

E) the amount sold

60) The quantity supplied of a good is

A) the same thing as the quantity demanded at each price.

B) the amount that the people are willing and able to sell during a given time period at a specified price.

C) equal to the difference between the quantity available and the quantity desired by all consumers and producers.

D) the amount the firm will sell when it can sell all it wants.

E) always larger than the quantity demanded at each price.

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