Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 4, Problem 3MCQ
To determine
To select:
The option which answers the question related to the supply of peanuts.
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- Supply curve is rising upwards from left to right, this is due to __________. a. Negative relationship between price and quantity supplied b. Positive relationship between price and quantity supplied c. Positive relationship between price and quantity demanded d. Negative relationship between price and quantity demandedarrow_forwardIn Law of Supply, the quantity supplied of a product decreases when_________ a. Price of the good increases b. Income decreases c. Quantity supplied decreases d. None e. Price of the good decreases Clear my choicearrow_forwardWhich of the following will not lead to a decrease in the demand for petrol? A. An increase in price of motor cars B. A decrease in consumers' income C. An expected fall in the price of petrol D. An increase in the price of petrolarrow_forward
- An increase in the ________ of a pumpkins to a decrease in ________ that leads to a ________. a. quantity; supply; change in demand b. demand; quantity demanded; change in supply c. supply; demand; change in price d. price; quantity demanded; movement along the demand curvearrow_forwardA price floor of $ 8 in this market would result in a. the quantity of the good demanded decreases by 30 units. b. the quantity of the good demanded increases by 10 units. c. the quantity of the good demanded decreases by 10 units. d. the buyer's total expenditure to decrease by $20.arrow_forward27.Increase and decrease in supply is due to ______________________factors keeping the price constant.arrow_forward
- 20- Supply curve is rising upwards from left to right, this is due to __________. a. Negative relationship between price and quantity demanded b. Negative relationship between price and quantity supplied c. Positive relationship between price and quantity supplied d. Positive relationship between price and quantity demandedarrow_forwardThe Law of supply states that other things remaining the same_________ a. There is a direct relationship between price and quantity supplied b. There is an inverse relationship between price and quantity supplied c. None of these d. There is no relationship between price and quantity suppliedarrow_forward8. If a seller facing excess demand is unable to raise the price of the good due to a price ceiling, the seller might: a. increase the quantity supplied of the product. b. decrease the price of the product. c, increase the quality of the product. d. decrease the level of service for that product.arrow_forward
- 1. Select the three statements that relate to the concept of supply. i. Supply is influenced by changes in demand ii. Supply refers to quantities of goods or services that can be sold at various prices during a certain period. iii. An increase in supply will result in a fall in the price of the product and an increase in the quantity exchanged iv. Supply influences consumer behaviour and buying patterns. A. i, ii, iii B. i, ii, iv C. i, iii, iv D. ii, iii, ivarrow_forwardQUESTION 6 A market will experience a when the price is above equilibrium and a when the price is below equilibrium. a. surplus, surplus b. shortage, surplus c. surplus, shortage d. shortage, shortagearrow_forwardSupply and demand schedule for bicycles Quantity Demanded 4. Price of scooter decreases 5. Price of helmets decreases Price $100 $200 $300 $400 $500 $600 1. Draw a graphical illustration of this market indicating equilibrium price and equilibrium quantity. Now, show graphically or explain by words what happens to supply or demand of bicycles and its equilibrium price and equilibrium quantity when: 2. Consumer income decreases 3. Price of steel increases 70 60 50 40 30 Quantity Supplied 20 30 40 50 60 70 80 the filearrow_forward
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