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51.              In a market, to find the total amount supplied

Question : 51.              In a market, to find the total amount supplied : 1485236

 

51.              In a market, to find the total amount supplied at a particular price, we must

a.

sum the quantities that individual firms are willing and able to supply at that price.

b.

calculate the average of the quantities that individual firms are willing and able to supply at that price.

c.

sum the costs that individual firms incur to supply the product at that price.

d.

account for all determinants of demand.

52.              A market supply curve is determined by

a.

vertically summing individual supply curves.

b.

horizontally summing individual supply curves.

c.

finding the average quantity supplied by sellers at each possible price.

d.

finding the average price at which sellers are willing and able to sell a particular quantity of the good.

53.              A market supply curve shows

a.

the total quantity supplied at all possible prices.

b.

the average quantity supplied by producers at all possible prices.

c.

how quantity supplied changes when consumer income changes.

d.

suppliers’ responses, in terms of the amounts they will supply, to the demands of buyers.

54.              A market supply curve shows how the total quantity supplied of a good varies as

a.

production technology varies.

b.

price varies.

c.

input prices vary.

d.

demand varies.

55.              Suppose there are five suppliers of ice cream in the town of Summerville.  If we add the respective quantities that each firm would produce at each of the five ice cream parlors when the price of ice cream is $2 per scoop, $2.50 per scoop, and $3 per scoop, and so forth, we have found the

a.

market demand curve.

b.

market supply curve.

c.

equilibrium curve.

d.

surplus or shortage depending on market conditions.

Table 4-4

Price

Firm A’s

Quantity

Supplied

Firm B’s

Quantity

Supplied

Firm C’s

Quantity

Supplied

Firm D’s

Quantity

Supplied

$0

10

0

0

0

$2

8

3

4

5

$4

6

6

8

10

$6

4

9

12

15

$8

2

12

8

20

$10

0

15

4

25

56.              Refer to Table 4-4.  Which supply schedules obey the law of supply?

a.

Firm A’s only

b.

Firm B’s, Firm C’s, and Firm D’s only

c.

Firm A’s and Firm C’s only

d.

Firm B’s and Firm D’s only

57.              Refer to Table 4-4.  If these are the only four sellers in the market, then the market quantity supplied at a price of $4 is

a.

4 units.

b.

7.5 units.

c.

10 units.

d.

30 units.

58.              Refer to Table 4-4.  If these are the only four sellers in the market, then the market quantity supplied at a price of $10 is

a.

3 units.

b.

11 units.

c.

25 units.

d.

44 units.

59.              Refer to Table 4-4.  If these are the only four sellers in the market, then when the price increases from $6 to $8, the market quantity supplied

a.

increases by 0.5 units.

b.

increases by 2 units.

c.

decreases by 4 units.

d.

increases by 42 units.

60.              Refer to Table 4-4.  If these are the only four sellers in the market, then when the price decreases from $4 to $2, the market quantity supplied

a.

increases by 10 units.

b.

decreases by 10 units.

c.

decreases by 20 units.

d.

decreases by 30 units.

 

 

 

Solution
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Economics 1 Year Ago 24 Views
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