Shift of supply curve.

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Chapter 8, Problem 10MC

To determine

Shift of supply curve.

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1. When price increases __________________ increases. 2.When price increases __________________decreases. 3. The height of the supply curve represents the ____________________ for each quantity. 4. The height of the demand curve represents the __________________ for each quantity. 5. What must be given up to produce one additional unit is called the..... Options: supply marginal value total cost quantity supplied quantity demanded marginal cost demand total value

Which would cause a new equilibrium price to be lower and at a lower quantity sold? A. The demand curve shifts to the right. B. The demand curve shifts to the left. C. The supply curve shifts to the right. D. The supply curve shifts to the left.

Suppose the demand of a product decreases. What will be the effect on the market equilibrium price and quantity if supply is perfectly inelastic? If supply is perfectly inelastic, then A. the equilibrium price will decrease and the equilibrium quantity will decrease. B. the equilibrium price will decrease and the equilibrium quantity will not change. C. the equilibrium price will not change and the equilibrium quantity will not change. D. the equilibrium price will increase and the equilibrium quantity will increase.