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2.4 Supply
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2.4 Supply
What can cause the supply curve for a product to shift to the right?
an increase in demand for the product
an increase in government subsidies to producers
an increase in indirect taxes on the product
an increase in the costs of production
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What does individual supply refer to?
The total quantity of a product supplied in the market
The quantity of a product supplied by an individual producer
The demand for a product by an individual consumer
The price of a product in the market
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What is the key difference between individual supply and market supply?
Individual supply considers the quantity supplied by all producers, while market supply focuses on a single producer's output
Individual supply refers to a single producers supply in the market, while market supply refers to the supply by all the producers
Individual supply refers to the total supply in the market, while market supply refers to the supply by individual producers
There is no difference; the terms are used interchangeably
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What term describes a graph that illustrates the relationship between the quantity of a good supplied by an individual producer and its price?
Demand curve
Market supply curve
Supply schedule
Individual supply curve
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How does an improvement in technology typically affect supply?
Supply increases
Supply decreases
Supply remains unchanged
Supply becomes inelastic
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What is not held constant when constructing the supply curve of a firm?
indirect taxes and subsidies on the firm’s products
the level of technology used by the firm in production
the price of the factors of production paid for by the firm
the market price of the good produced by the firm
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If the government imposes a tax on a product, what is the likely impact on its supply curve?
The supply curve shifts to the left
The supply curve shifts to the right
The supply curve remains unchanged
The supply curve becomes inelastic
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How does an increase in the number of suppliers in a market impact the supply curve?
The supply curve becomes less elastic
The supply curve shifts to the left
The supply curve becomes more elastic
The supply curve shifts to the right
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What is the effect on the supply curve of a product if there is an increase in the price of a key raw material used in its production?
The supply curve shifts to the left
The supply curve remains unchanged
The supply curve shifts to the right
The supply curve becomes inelastic
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What effect would an increase in government subsidies for solar panel manufacturers have on the supply of solar panels?
Supply would increase
Supply would decrease
Supply would remain unchanged
Supply would become elastic
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There has been a movement upwards along the supply curve of a product.
What is the most likely explanation for this?
Consumer incomes have fallen.
New technology has made the product cheaper to produce.
The government has imposed a tax on the product.
The price of a substitute has increased.
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What impact does an increase in the cost of labor have on the supply curve for a product?
It shifts the supply curve to the right
It shifts the supply curve to the left
It causes a movement along the supply curve to the right
It causes a movement along the supply curve to the left
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If a natural disaster destroys a significant portion of a country's agricultural land, what is the likely impact on the supply of food products?
Supply would increase due to higher prices
Supply would decrease due to lower prices
Supply would remain unchanged due to government intervention
Supply would decrease due to reduced production capacity
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How does a decrease in an indirect tax rate typically affect the producer's willingness to supply a product?
It decreases the willingness to supply
It increases the willingness to supply
It has no impact on the willingness to supply
It leads to inelastic supply
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Which of the following factors is likely to cause a rightward shift in the supply curve for smartphones?
An increase in the cost of raw materials used in smartphone production
A increase in the wages of smartphone assembly workers
A decrease in consumer demand for smartphones
A technological breakthrough that increases smartphone production efficiency
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