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

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. 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

Supply curve Worksheet Product Situation Effects Effect on supply curve Apples Poor harvest due to an attack by a type of apple bug Taxi services Increase in government controlled fares per km iPod Improved nanotechnology available to Apple Less people want to supply cool,So the supply of loal deorsares 0s ct à less pralidu Coal Fall in the price of coal Increase in the wages of skilled labour required for manufacture Cars

The Federal Reserve and economists concerned about inflation monitor changes in technology, knowing improvements in technology tend to O increase the quantity supplied as prices decrease. O increase supply and lower prices. O reduce offshoring and increase gainsharing. O decrease demand for technology.

d. decrease the supply of wheat. 3. Knowing that the demand for wheat is inclastic, if all famers voluntarily did not plant wheat on 10 percent of their land, then a. consumers of wheat would buy more wheat. b. wheat farmers would suffer a reduction in their total revenue. V wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease. 4.. Good news for farming can be bad news for farmers because the a. supply curve for an individual famer is usually perfecetly elastic. b. supply curve for an individual farmer is usually perfectly inelastic. Vdemand for basic foodstuffs is usually inelastic, meaning that factors that shift supply to the right decrease total revenues to sellers. d. demand for basic foodstuffs is usually elastic, meaning that factors that shift supply to the right increase total revenues to sellers. 5. The supply of oil is likely to be a. inelastic in both the short run and long run. b. elastic in both the short run and long…

71. market Equilibrium is reached when: A Supply B. There is neither a Aurplus nor a Ahortage C. Only A is correct. D. Both A and Bare correct is equal to demand,

An increase in oil prices will shift the aggregatea. demand curve leftward.b. demand curve rightward.c. supply curve leftward.d. supply curve rightward.