### Conceptual Question on Supply Curves#### Multiple Choice Question:**If something happens to alter the quantity supplied at any given price, then:**- ○ we move along the supply curve.- ○ the supply curve shifts.- ○ the supply curve becomes steeper.- ○ the supply curve becomes flatter.#### Explanation:This question pertains to the changes in the supply curve in response to a shift in factors affecting the quantity supplied. It is important to understand how different scenarios affect the position and shape of the curve. 1. **Movement Along the Supply Curve:** This occurs when there is a change in the price of the good itself, leading to a different quantity being supplied, but the supply curve remains in the same position.2. **Shift of the Supply Curve:** This occurs when other factors (e.g., production cost, technology, number of sellers) change, leading to more or less quantity being supplied at every price. This results in the supply curve moving to the left or right.3. **Changes in the Slope of the Supply Curve:** - **Steeper Curve:** Indicates a larger change in price is needed to change the quantity supplied. - **Flatter Curve:** Indicates a smaller change in price will change the quantity supplied significantly.Understanding these concepts is crucial for analyzing market dynamics and predicting the effects of different economic variables on supply.

Price has a direct relationship with quantity supplied

Answered: If something happens to alter the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Which of the following would cause the price of beef to rise and the quantity to rise? O a. An increase in the price of chicken O b. New regulations regarding the raising of animals that are costly to implement O c. Increased social concern about the negative consequences of beef consumption O d. A reduction in the price of hay and silage (these are both things fed to cows)
If the supply of and demand for a product increase at the same time, then equilibrium O quantity and equilibrium price must both decline. O quantity must decline, but equilibrium price may either rise, fall, or remain unchanged. O price must fall, but equilibrium quantity may either rise, fall, or remain unchanged. O quantity must increase, but equilibrium price may either rise, fall, or remain unchanged.
Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or more diesel fuel (i.e., they are related goods). If the price of diesel fuel falls, there is O an increase in the quantity of home heating oil supplied. O an increase in the supply of home heating oil. O an increase in the demand for home heating oil. O a decrease in the quantity of home heating oil supplied. O a decrease in the supply of home heating oil.
Explore the data and then answer the question. How many people were in the labour force in the data you've just explored? OA. 16.63 million O B. 31.11 million O C. 19.29 million O D. 11.82 million Of the 16.63 million employed, 2.58 million had part-time jobs, ... and 0.65 million of them wanted a full-time job but couldn't find one. Reset 0 33 Population Working-age population Labour force Employed Full time Full time 5 L 10 Not in labour force ↓ 15 Unemployed Part time Voluntary part time L 20 Involuntary part time ↓ 25 Other 1 30 40 35 Population (million X
According to the law of supply, assuming other factors are held constant: as the supply of bread increases, the price of bread will also increase. O as the supply of bread increases, the price of bread will decrease. as the price of bread increases, the quantity of bread supplied will increase. as the price of bread increases, the quantity of bread supplied will decrease.
Which of the following does NOT cause the entire demand curve to shift? O a change in income O a change in consumer expectations O a change in price O a change in the size of the population
The graph shows the market for concert tickets. Draw a horizontal line at a price at which there is a shortage of concert tickets. Label it Price. Draw an arrow that shows the amount of the shortage. When does a shortage occur? How does the price change to reach equilibrium? A shortage occurs at a given price when The price to reach equilibrium. O A. supply is greater than demand; falls B. the quantity demanded is greater than the quantity supplied; rises OC. demand is greater than supply, rises OD. the quantity supplied is greater than the quantity demanded; falls 600- 500- 400- 300- 200 100- 10- 0 Price (dollars per ticket) Quantity (millions of concert tickets per year) D (6,100) >>> Draw only the objects specified in the question. L C
Which of the following will cause the demand curve to shift? O A. newer technology and improved productivity a change in consumer income B. C. a change in the cost of raw materials O D. more firms in the market
If goods A and B are substitutes, an increase in the price of A will result in Select one: a. no difference in the quantity sold of either good O b. None of the answers are correct O c. increases the demand for O d. reduces the demand for B
Why is the supply curve upward sloping for a particular good? Higher prices of the good make the good less profitable O Higher prices of the good incentivize firms to produce more of the good Higher prices of the good increase wages Higher prices of the good increase the demand for the good
Price Quantity A Consider the above market for McDonald's Filet-O-Fish. What happens to the equilibrium price and equilibrium quantity in the market for the Filet-O-Fish sandwich when the price of fish decreases? O Equilibrium Price Decreases and Equilibrium Quantity Decreases O Equilibrium Price Increases and Equilibrium Quantity Increases O Equilibrium Price Decreases and Equilibrium Quantity Increases Equilibrium Price Increases and Equilibrium Quantity Decreases
Consider apples and oranges, which we'll assume are substitutes. If the price of oranges falls, we'll see in the market for apples and in the market for oranges. None of the listed options is correct. O a decrease in quantity demanded; an increase in demand a decrease in demand; an increase in quantity demanded a decrease in quantity demanded; a decrease in demand an increase in demand; a decrease in quantity demanded.

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

If something happens to alter the quantity supplied at any given price, then O we move along the supply curve. O the supply curve shifts. O the supply curve becomes steeper. O the supply curve becomes flatter.