Which of the following factors is a demand shifter? Change in costs of production Change in price of the good Change in income Technological change which lowers the cost of production

Change in income More test answers on https://studyhippo.com/economics-exam-3/

Which of the following factors will NOT affect supply? a. A change in the costs of production. b. A change in consumer tastes and preferences. c. A change in taxes, subsidies or restrictions. d. A change in technology. e. None of the above will affect supply.

b. A change in consumer tastes and preferences. More test answers on https://studyhippo.com/macro-econ-test-bank-1-54872/

Entrepreneurs and other sellers —- when buyers purchase the product they sell at prices more than high enough to cover the costs of production.

earn profits More test answers on https://studyhippo.com/economics-unit-2-economic-roles/

What are the costs of production that are tied to and vary depending on the number of units produced?

Variable costs More test answers on https://studyhippo.com/dynamic-study-modules-exam-3/

If the costs of production rise in the market for silverware, what happens in the supply and demand graph? Supply shifts left leading to an increase in price and a decrease in quantity. Supply shifts right leading to a decrease in price and an increase in quantity. Demand shifts right leading to an increase in both price and quantity. Demand shifts left leading to a decrease in price and quantity.

Supply shifts left leading to an increase in price and a decrease in quantity. More test answers on https://studyhippo.com/economics-exam-3/

A ________ externality results in overproduction of a product where all the costs of production are not borne by the producer.

negative More test answers on https://studyhippo.com/economics-chapter-5-practice/

One benefit of trade is that it: a) decreases economies of scale, making production more efficient. b) allows for increased specialization and mass-production techniques that lower per unit costs of production. c) increases the division of knowledge because trade makes people more self-sufficient, producing more of what they consume. d) lowers productivity, leading to greater domestic employment.

b) allows for increased specialization and mass-production techniques that lower per unit costs of production. More test answers on https://studyhippo.com/macro-chapter-1-2/

10. If a firm enlarges its factory size and realizes lower average (per unit) costs of production, then:

it has experienced economies of scale. More test answers on https://studyhippo.com/microeconomics-test-2/

If marginal costs of production are greater than marginal benefits of production:

too much of the good is being produced. More test answers on https://studyhippo.com/chapter-9-hw/

globalization has enabled organizations to reduce their costs of production by __

setting up manufacturing units in developing countries More test answers on https://studyhippo.com/global-business-1-4/

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