Supply – Flashcard
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When we say in economics that there is an increase in supply, we mean that the supply curve:
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Shifts to the right.
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Payments (Subsidies or changes (taxes) initially affect the:
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-Quantity trade and the market price of the good and services. -Supply of output in the market place.
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On the supply side of the market, when the price of a good Increases, the quantity supplied of the good____________.
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Increases.
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The sum of individual supply curves added together reflects the ___________ supply.
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Market.
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In economics, a Straight is often called.
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A curve.
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The factors that cause a shift in the supply curve include.
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-Resource costs and availability. -Technology. -The number of sellers. -Expectations about market conditions.
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The law of supply tell us that:
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Higher prices result in higher quantities being supplied.
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The supply ____________ displays the supply in a Table showing the different prices and their corresponding quantities supplied.
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Schedule.
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When less of a good, service, or resource is supplied at every price, there is a
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Leftward shift of the supply curve.
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The supply schedule displays the supply in a ________ showing the different prices and their corresponding quantities supplied.
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Table.
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Taxes and subsidies matter, because they :
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-Stimulate production or collect revenue. -Have unanticipated effects on other markets.
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A subsidy is a payment made:
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-By the government that does not necessarily require an exchange of economic activity in return.
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The law of ________ tells us that higher prices result in higher quantities being supplied.
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Supply.
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To simplify analysis in economics, supply curve are often drawn as:
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-Straight Lines.
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In economics, a straight line is often called.
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A Curve.
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The sum of individual supply curve added together reflects the:
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-Market Supply.
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A payment made to the government that is the result of economic activity is a _____.
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Tax.
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When a nonprice determinant of supply changes:
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-The supply curve shifts to the right or to the left. -The entire supply relationship changes.
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Subsidies most often take the form of payment to:
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-Businesses.
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An increase in the quantity of the good, service, or resource supplied at every price is:
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-An increase in supply.
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According to diminishing marginal productivity.
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-If at least one input of production is fixed, the marginal productivity of additional variable resources will eventually fall, all else held constant.
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The horizontal summation of the quantities supplied by individual, firms, states, or even nation at each price over a fixed time period represent the:
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-Market Supply.
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A Tax is a payment made to:
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-The government that is the result of economic activity.
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The price of a good and the quantity supplied are:
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-Directly related.
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Firms will be willing and able to produce more output only when prices rise, because the:
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-Opportunity cost of production is increasing.
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The overall, or total, supply of a good, service, or resources is the:
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-Market supply.
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A tax on producers:
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-Increases the cost of producing.
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Market supply is the:
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-Sum of individual supply added together.
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The principle that if at least one input of production is fixed, the marginal productivity of additional variable resources will eventually fall, all else held constant, is known as:
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-Diminishing Marginal Productivity.
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A decrease in the quantity of a good, service, or resources supplied at every price is:
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-A decrease in supply.
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Companies will be willing and able to produce additional units of a good only if the:
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-Price of the good increase enough to cover the increasing costs.
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All the following can shift the supply curve except:
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-A change in income.
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Resource include:
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-Capital -Labor -Entrepreneurial Ability -Land
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Resources (such as land) and technology (such as the ability to draw water from a well):
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-Contribute.
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The supply curve will shift to the left.
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-The number of sellers increase. -Producers expert lower future prices.
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Seller expectation are:
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-The anticipated future outcome that sellers associate with the production of a good, service, or resource.
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The supply curve will shift to the:
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-Right, when producers expect lower prices in the future.
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Market anticipated who are willing and able to sell good, service, or resource are known as:
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-Sellers.
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The three different ways of expressing information about the supply of a good, service, or resource are:
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-Supply -Supply curve -supply schedule
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Technology is the:
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-Knowledge, Invention, and innovations that can potentially increase resource productivity.
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Taxes and subsidies that are placed on businesses are likely to shift the ______ curve.
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Supply.
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A graphical representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply is known as the supply _____.
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Curve.
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The supply ______ displays in a graph the information found in the supply schedule.
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Curve.
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The supply curve will shift to the left when producers expect:
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Higher prices in the future and there are fewer sellers.
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When a nonprice determinant of supply changes:
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-The entire supply relationship changes.
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According to the law of supply, if the price of apple juice rises, producers of the apple juice will be willing and able to:
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-Increase the quantity of apple juice they supply to the market.
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When farmer continues to add pounds of fertilizer to the fixed farm area that she has, Eventually:
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-The additional output for each pound of fertilizer will fall.
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If wood prices fall, the:
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-Supply of wooden toys will increase.
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Better technology can:
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-Result in an increase in supply in the market. -Significantly decrease the cost of producing a good.
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Suppose once student return to campus after the summer, they discover three new pizza places. Based on this information , we can conclude that the:
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-Supply of pizza will increase.
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The size of the producer subsidy will influence the :
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-Size of the shift in supply .
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When we talk about the supply of a good, we are referring to the:
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-Quantity of the good producers are willing and able to supply at a variety of different prices over a fixed time period, all else held constant.
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A change in supply:
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-Has the effect of shifting the entire supply curve to the right and left.
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If production of a good involves a lower cost:
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-The opportunity cost ( in term of other goods that could have been produced) has decreased.
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The size of the supply shift is determined by the:
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-size of the producer subsidy.
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A change in the price of a good will effect:
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-The quantity of that good supplied to the market.
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Shifts in supply can be:
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-Parallel and nonparallel.
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Consumer expectation influence the ________ curve, and producer expectations influence the _______ curve,
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-Demand -Supply
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The supply curve displays the:
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-Supply of the good showing the different prices and their corresponding quantities supplied.
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Resource are:
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-Land, Labor, Capital, and entrepreneurial ability. -Inputs used to produce good and service.
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A change in supply:
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-Does not have to be parallel shift.
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The quantity of a good supplied to the market is affected by:
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-A change in the price of a good.
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If consumers believe that prices will decrease in the future:
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-Demand decreases Today.
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The size of the producer tax determines the :
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-size of the supply shift.
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If production of a good involves a lower cost:
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-The opportunity cost of producing other goods had increased.
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If production of a good involves a lower cost:
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-The opportunity cost (in terms of other good that could have been produced) had decreased.
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Inputs used to produce and services are:
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-Resources.
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The size of the supply shift is determined by the:
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-Size of the producer tax.
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A change in taxes and subsidies on producer alters market __________ , But not market_____________.
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-supply -Demand
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When we say in economics that there is an increase in supply, we mean that:
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-More output is being supplied at every price, all else held constant.
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According to the law of supply, as price of a good, service, or resource rises:
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-The quantity supplied will increase, and vice versa, all else held constant.
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If tomatoes can be planted more closely together:
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-The supply of tomatoes will increase. -The supply curve will shift to the right. -Each acre of land can produce more tomatoes than before.
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The anticipated future outcome, including prices, that sellers associate with the production of a good, service, or resource are expected of the ______.
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-Seller.
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Taxes are generally collected from:
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-Individule
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A _____________ to producers lower the cost of producing.
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Subsidy
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Taxes and subsidies:
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-Alter the cost or benefits of producing goods and services.
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Any change in the availability and quality of resources and technology will likely affect the:
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-Quantity are willing and able to supply to the market at every price.
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When more of a good service, or resource is supplied at every price, there is:
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-A rightward shift of the supply curve.
