Fast-food outlets in Newtown hire teenagers and seniors. Newtown becomes a major tourist center attracting thousands of additional visitors every day. 1) The_______labor in the fast-food market_____________ A. supply of decreases B. demand for increases C. supply of decreases D. demand for decreases; 2) The wage rate________and the number of fast-food workers employed_____ A. rises; decreases B. rises; increases C. falls, decreases D. falls, increases

When timber mills process logs, they produce both beams and sawdust. In the market for timber beams, which of the following events increases the supply of timber beams?   The supply of timber beams increases when ________.     A. the price of sawdust rises or the price of a timber beam is expected to rise next year   B. the price of sawdust rises or new technology lowers the cost of producing timber beams   C. a new law reduces the amount of forest that can be cut for timber   D. the price of a timber beam rises

Name Changes in Supply Problem Set Change in Supply Change in Quantity Supplied charge in the S supply deteaminants Caused By 5. The law of supply states that as P QS Caused By charge in parce 6. This relationship is known as a relationship. 7. A change in quantity supplied is illustrated by the curve. 8. The table that gives us the data for our supply curve is a Draw It Draw It Price of Thneeds Quantity Supplied of Thneeds 2.00 4.00 6.00 4 8.00 6 10.00 8 12.00 10 Directions: For numbers 1-7, decide what will happen to the supply of foreign and domestic cars in the Unite 1) Auto Workers Agree to Wage and Benefit Cuts a. Supply of cars will insease b. Draw It: C. What happens to market clearing price? d. What happens to equilibrium quantity? 2) New Technology Increases Efficiency in Detroit Factories a. Supply of cars will b. Draw It: 9. How many Thneeds are you willing to produce at $1.00? 10. How many Thneeds are you willing to produce at $11.00? C. What happens to market clearing…

Consider that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedule is as follows: Quantity Demanded (# of tickets) Price Quantity Supplied (S) (# of tickets) 4 10000 7000 8 8000 7000 12 7000 7000 16 3000 7000 20 2000 7000 What are the equilibrium price and quantity of tickets? $16 and 3000 tickets. $8 and 8000 tickets. $12 and 7000 tickets. None of these answers. O O