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Shifting Supply quiz

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Termini in questo insieme (15)

  • What happens to the supply curve when there is a decrease in supply?
    The supply curve shifts to the left, indicating a lower quantity supplied at each price.
  • How does an increase in supply affect the supply curve?
    The supply curve shifts to the right, showing a higher quantity supplied at each price.
  • Does a change in the price of a good shift the supply curve?
    No, a change in price moves along the supply curve but does not shift it.
  • What is an input price in the context of supply determinants?
    An input price is the cost of a resource used to make a good, such as materials or labor.
  • How does a decrease in input prices affect supply?
    A decrease in input prices increases supply, shifting the supply curve to the right.
  • What effect does improved technology have on supply?
    Improved technology increases supply by making production more efficient, shifting the supply curve right.
  • What happens to supply if technology regresses?
    A regression in technology decreases supply, shifting the supply curve to the left.
  • How do taxes affect the supply of a good?
    Taxes increase production costs, leading to a decrease in supply and a leftward shift of the supply curve.
  • What is the effect of subsidies on supply?
    Subsidies reduce production costs, increasing supply and shifting the supply curve to the right.
  • How does the price of a substitute in production affect supply?
    If the price of a substitute increases, the supply of the original product decreases as producers switch to the substitute.
  • What happens to supply when producers expect higher prices in the future?
    Generally, current supply decreases as producers hold back goods to sell later at higher prices.
  • How does the number of suppliers in the market affect supply?
    An increase in the number of suppliers increases supply, shifting the supply curve to the right.
  • What is the effect of a decrease in the number of producers on supply?
    A decrease in the number of producers reduces supply, shifting the supply curve to the left.
  • How do positive events in nature affect supply?
    Positive events in nature, like good weather, increase supply and shift the supply curve to the right.
  • What is the impact of negative events in nature on supply?
    Negative events in nature, such as bad weather, decrease supply and shift the supply curve to the left.