Question

Which of the following statements is true?

a	The quantity supplied (Qs) of a good is the quantity of a good that all sellers in a market would choose to sell at different prices, given their constraints.
b	The main constraints sellers face are their financial budget and the prices of inputs.
c	Market supply is just the aggregation of all individual firms’ supplies in the market.
d	All of the above.
e	Only a) and b)

Question 27 (1 point)

Which of the following statements is true?

a	In general, anything that makes more profitable the production of a good increases the supply of the good, with the exception of an increase in the price of the good.
b	An increase in the prices of inputs increases the supply of a good.
c	An input is anything that is used in the production of a good. All resources can be inputs, but not all inputs are resources.
d	All of the above.
e	Only a) and c)

Question 28 (1 point)

Which of the following statements is true?

a	Intermediate goods are inputs but not resources.
b	A technology innovation that reduces the cost of production increases the supply of a good.
c	A decrease in the number of firms in the market increases the supply of a good.
d	All of the above.
e	Only a) and b)

Answer 1

Which of the following statements is true?

a	The quantity supplied (Qs) of a good is the quantity of a good that all sellers in a market would choose to sell at different prices, given their constraints.
b	The main constraints sellers face are their financial budget and the prices of inputs.
c	Market supply is just the aggregation of all individual firms’ supplies in the market.
d	All of the above.
e	Only a) and b)

Ans. e

Market supply is the total quantity supplied in the market at each price.

Question 27 (1 point)

Which of the following statements is true?

a	In general, anything that makes more profitable the production of a good increases the supply of the good, with the exception of an increase in the price of the good.
b	An increase in the prices of inputs increases the supply of a good.
c	An input is anything that is used in the production of a good. All resources can be inputs, but not all inputs are resources.
d	All of the above.
e	Only a) and c)

Ans. a An increase in price of good is movement along the supply curve and not movement of the supply curve.

Question 28 (1 point)

Which of the following statements is true?

a	Intermediate goods are inputs but not resources.
b	A technology innovation that reduces the cost of production increases the supply of a good.
c	A decrease in the number of firms in the market increases the supply of a good.
d	All of the above.
e	Only a) and b)

Ans. b
Decrease in cost shifts out the supply curve

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