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21) For typical goods, supply curves are

A) downward sloping.

B) upward sloping.

C) horizontal.

D) vertical.

22) Which one of the following statements is FALSE?

A) There is an inverse (negative) relationship between product price and quantity supplied.

B) There is some price at which quantity supplied of a product is zero.

C) As product price increases, producers are willing to put more of the good on the market for sale.

D) In order to entice producers to offer more of a product on the market for sale, product price must rise.

23) If the price of a product increases, we would expect

A) the level of demand to decrease.

B) quantity supplied to increase.

C) the level of supply to increase.

D) an increase in quantity demanded.

24) The relationship between quantity supplied and price is usually

A) an inverse relationship.

B) a direct relationship.

C) a negative relationship.

D) impossible to determine.

25) Which of the following statements about a supply curve is FALSE?

A) It shows a direct (positive) relationship between price and quantity supplied.

B) It shows the quantity supplied at each specific price.

C) It typically slopes downward to the right.

D) It has a positive slope.

26) A supply schedule

A) can be used to generate a supply curve.

B) is a table reflecting the inverse relationship between price and quantity supplied.

C) shows what happens to quantity supplied when price is held constant.

D) all of the above.

27) Last year there were 6 pizza shops in town. This year there are only 4. Other things being equal, the decrease in the number of suppliers will

A) cause the market supply curve to shift to the right.

B) increase the market demand for pizza.

C) cause a decrease in the quantity supplied at each price.

D) have no impact on market supply as long as the demand for pizza remains strong.

28) A direct or positive relationship between price and quantity supplied is

A) the market clearing price.

B) a change in demand.

C) a supply curve.

D) a demand curve.

29) A supply curve

A) has an indirect or negative relationship between price and quantity supplied.

B) has a direct or positive relationship between price and quantity supplied.

C) shows the relationship between quantity supplied and income.

D) shows the relationship between complements.

30) Which of the following causes a movement along a supply curve?

A) a change in resource costs

B) a change in technology

C) a change in the price

D) all of the above

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