AR X Which of the following methods would produce an accurate market demand curve? (2 points) Adding horizontally at each price all the individual marginal benefit curves in the market Connecting the axes with a line that passes through the market price Drawing the marginal cost curve from its lowest point up Taking the derivative of all the suppliers' total product curves Multiplying the equilibrium price by all quantities supplied AN o e, Computers Quantity Which of the following could explain the change illustrated in the graph? O The price of computers decreases. (:) A technological breakthrough lowers production costs for computers. Which of the following could explain the change illustrated in the graph? The price of computers decreases. A technological breakthrough lowers production costs for computers. The price of a substitute for computers increases. Consumer incomes go up and computers are an inferior good. The price of a complement to computers goes up. (J 4.(02.02MC) Which of the following changes would cause movement along a product's supply curve? (2 points) A change in production costs An increase in demand A tax on the product A change in the product's price An increase in quantity-demanded Q Q 1. (02.01 LC) Revenue, profit, and utility represent that play a significant role in determining people's choices. (2 points) O factors of production O inputs O outputs O marginally increasing values O incentivesNP1 Which of the following would increase the quantity a firm would produce at every price, ceteris paribus? (2 points) Expectations of demand going down for their product Consumer incomes going up A decrease in the number of suppliers A significant increase in opportunity cost A decrease in the price of a factor of production [ O 7.(02.03Mc) Sprockets are known to have relatively elastic demand when their price increases from $1 to $2. What must be true of the change in quantity demanded over this price range? (2 points) It decreases by more than 100 percent. It increases by more than 100 percent. It decreases by less than 100 percent. It increases by less than 100 percent. It decreases by an indeterminate amount. 8. (02.03 MC) A business notices that after it lowered its price it saw more quantity demanded but lower total revenue. What does this mean? (2 points) O It is operating at productive inefficiency. O It is experiencing diminishing marginal returns. O It is in the elastic part of the demand curve for its product. O It is in the inelastic part of the demand curve for its product. O Its product's elasticity coefficient must be greater than one.A ERENC XTI If a good's price elasticity of supply is inelastic and its quantity supplied increases by 5%, its (2 points) price must have increased by more than 5% supply must have increased by 4% price must have increased by 4% quantity supplied must have increased by 5 units price must have decreased by more than 5% [l O s.(0202Mc) Consider the following supply schedules for Joseph, Talia, and Shen, who are the only suppliers in the market for cogs: If the equilibrium price is $4 per cog, what is the market quantity supplied? Assume the market is perfectly competitive and in equilibrium. (2 points) 04 MC) The suppliers of Automobile A are struggling to increase production in response to price increases at the same rate as the suppliers of Automobile B. What can be determined about the suppliers of Automobile B? (2 points) They sell superior products. They have a greater price elasticity of supply. They are currently experiencing unit elasticity. They have acquired a trade deal to boost production. They have acquired an increase in technology or labor