AGEC 200 Lecture Notes - Linear Function
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1. A change in quantity supplied:
A. refers to a shift in the supply curve.
B. results from a change in a determinant of supply.
C. refers to a movement along a given supply curve.
D. is caused by a change in the number of sellers in the industry.
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2. Which one of the following would most likely cause the supply curve for microwaves to shift to the right:
A. a decrease in the price of microwaves.
B. an increase in the wage rate earned by workers who produce microwaves.
C. a decrease in consumer preferences for microwaves.
D. an increase in the number of firms that produce microwaves
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3. If the actual price sellers are pricing their goods at is currently above the equilibrium price. There is a ____________. Therefore, we would expect sellers to ____________ the price until the market reaches equilibrium.
A. |
surplus; raise |
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B. |
surplus; lower |
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C. |
shortage; raise |
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D. shortage; lower 4. Suppose the demand and the supply of wine both increase. The net effect of these changes in demand and supply will be
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