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Mic5: Supply schedule/curve, Law of supply, Change in quantity supplied

Last updated about 6 years ago

5 questions

1

1

1

1

1

Question 1

1.

what is the quantity supplied of Starbucks lattes at $3 each?

15 lattes

6 lattes

3 lattes

9 lattes

Question 2

2.

Which of the following is true regarding the supply schedule and supply curve above?

They contain the same information but in a different format

They contain the same information in the same format

They contain different information in a different format

They contain different information but in the same format

Question 3

3.

The law of supply states the following.

As price increases business firms produce less

As price decreases business firms produce more

As price decreases business firms produce less

As price increases business firms produce the same amount

Question 4

4.

What would cause the quantity supplied of chocolate bars to increase from 200 bars to 500 bars?

The price increased from $.80 to $2.00

The price increased from $.40 to $1.20

The price decreased from $1.60 to $1.20

The price decreased from $2 to $.80

Question 5

5.

According to the supply curve above how are price and quantity supplied related?

inversely

directly

totally

independently