Shifts in the Supply Curve quiz #1 Flashcards
Shifts in the Supply Curve quiz #1
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Which of the following will NOT shift a supply curve? A change in the price of the product itself will not shift the supply curve; it only changes the quantity supplied. Which factor does NOT shift the supply curve? A change in the product's own price does not shift the supply curve. Which of the following will shift the supply curve for apples to the right? A decrease in the cost of inputs used to grow apples, such as fertilizer, will shift the supply curve to the right. Refer to the accompanying graph. Which event would cause the supply curve to shift to the right? An improvement in technology that makes production more efficient would shift the supply curve to the right. Which of the following would shift the supply of Green Bay Packers football jerseys to the left? An increase in the cost of materials used to make the jerseys would shift the supply curve to the left. Which is most likely to shift the supply curve for pet grooming services leftward? An increase in wages for pet groomers would shift the supply curve for pet grooming services to the left. Which would most likely shift the aggregate supply curve? A change in the prices of: A change in the prices of inputs, such as labor or raw materials, would most likely shift the aggregate supply curve. Which of these corresponds to a shift in the supply curve? A change in technology that makes production more efficient corresponds to a shift in the supply curve. Which factor is most likely to shift the supply curve for milk to the left? An increase in the price of feed for dairy cows is most likely to shift the supply curve for milk to the left. Which of the following events would shift a supply curve to the left? A new tax imposed on producers would shift the supply curve to the left. Which of the following events would shift the supply of smartphones to the right? A decrease in the price of microchips used in smartphones would shift the supply curve to the right. Which of the following would cause a leftward shift in the supply curve for car washes? An increase in the cost of water or cleaning supplies would cause a leftward shift in the supply curve for car washes. A shift in the supply curve at every price is the result of a change in: A shift in the supply curve at every price is the result of a change in factors other than the product's own price, such as input costs, technology, or number of suppliers. If the cost of production of hula hoops increases, the supply curve will: Shift to the left, indicating a decrease in supply. Choose all of the following that will cause a change in supply, not quantity supplied. Changes in input prices, technology, taxes or subsidies, number of suppliers, producer expectations, and natural events will cause a change in supply. Which of the following will shift a supply curve? A change in the cost of production inputs will shift a supply curve. Select the graph that corresponds to a shift in the supply curve. The graph where the entire supply curve moves rightward or leftward at every price, rather than movement along the curve. Indicate whether each scenario involves a shift in the supply curve. A scenario involves a shift in the supply curve if it is caused by changes in input costs, technology, taxes/subsidies, number of suppliers, expectations, or natural events, not by a change in the product's own price. When economists say that the supply for a product has decreased, they mean that the: Supply curve has shifted to the left, resulting in a lower quantity supplied at every price. A decrease in supply is depicted by a: Leftward shift of the supply curve. An increase in price of inputs would be represented by a change from: A rightward supply curve to a leftward supply curve, indicating a decrease in supply. When the supply curve shifts to the right or left: The quantity supplied changes at every price due to factors other than the product's own price.
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