Answered: Which action would cause the aggregate…

Which action would cause the aggregate supply curve slope to change in the short run? A. high income taxes B. changes in profit C. shortages in a specific market D. free market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

19. Which action would cause the aggregate supply curve slope to change in the short run? A. high income taxes B. changes in profit C. shortages in a specific market D. free market

Definition Definition Total supply of goods and services in an economy at a certain price level in a specific time period.

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6. Get Smart University is contemplating decreasing tuition to increase revenue. What must the school believe? a. The supply of university education is inelastic. b. The demand for university education is elastic. c. The demand for university education is inelastic. d. The supply of university education is elastic.
15. Due to the outbreak of Covid 19, manufacturing sector employees were not able to work from home due to the nature of their job. All these resulted in a shortage of supply. The factor that lead to the change in supply here belongs to _______________. a. Taxation by the government b. Weather conditions c. State of Technology. d. Factors outside the economic sphere.
5. A movement along a supply curve for a good happens:a. If price or quantity supplied of the good changesb. If sellers’ expectations changec. If input prices for that good changed. All of the above
1. What is meant by "extended order" of the market
FILL IN THE BLANK 1. The law of supply states that there is what type of relationship between price and quantity supplied? 2. The supply curve always slopes in what direction 3. When graphing supply curve price is always on which axis? 4. A change in price results in a along the supply curve and a in 5. shows how quantity supplied depends on the price. 6. An increase in supply is shift. 7. A change in is due to a change in price, while is due to change in the conditions of supply. is the determining factor of both supply and demand. 8. 9. Each point on a supply curve represents the which a supplier can profitably sell another unit. price for 10. A supply curve differs from a supply schedule because 11. If a producer can use resources to produce either good A or good B, then A and B are in production.
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1. A price floor set below market equilibrium will A. cause a shortage in the market. B. cause a surplus in the market. C. have no impact on the market. D. cause there to be a greater quantity supplied than at market equilibrium 2. Assume that resource X is necessary in the production of good Y. If the price of resource X increases, then A. the supply of Y will increase. B. the supply of Y will decrease. C. the demand of Y will increase. D. the demand of Y will decrease.
1. In the event of excess supply in the copper market, A. the supply of copper will increase (supply will shift to the right) to meet the demand. B. the price of copper will increase. C. the price of copper will decrease. D. the demand for copper will decrease (demand will shift to the left) to meet the available supply.
All the following are positively related to supply, except______. a. More Subsidy b. Better Technology c. Low Cost of production d. All of these.
20. When the income of the consumer increases, the supply will __________ . a. Contraction b. Extension c. Fall in supply. d. No change
13. When the supply is more than demand, it is called ___________. a. Shortage of supply b. None of these c. Excess demand d. Excess supply
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