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61) Because of increasing marginal cost, most supply curves A) are horizontal. B) have a negative slope. C) are vertical. D) have a positive slope. 62) A supply curve shows the relation between the quantity of a good supplied and A) the price of the good. Usually a supply curve has negative slope. B) income. Usually a supply curve has positive slope. C) income. Usually a supply curve has negative slope. D) the price of the good. Usually a supply curve has positive slope. 63) A supply curve differs from a supply schedule because a supply curve A) is a graph and the supply schedule is a table. B) holds the number of suppliers constant, whereas the supply schedule allows the number to vary. C) holds resource prices constant, whereas the supply schedule allows them to vary. D) represents one firm, whereas the supply schedule represents all firms in the market. 64) Which of the following is NOT held constant while moving along a supply curve? A) prices of resources used in production B) expected future prices C) the number of sellers D) the price of the good itself 65) If a producer can use resources to produce either good A or good B, then A and B are A) substitutes in consumption. B) complements in consumption. C) complements in production. D) substitutes in production. 66) Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the A) demand curve for good B rightward. B) demand curve for good B leftward. () supply curve of good B rightward. D) supply curve of good B leftward. 67) Blank tapes and prerecorded tapes are substitutes in production. An increase in the price of a blank tape will cause A) a decrease in the supply of prerecorded tapes. B) an increase in the quantity supplied of prerecorded tapes but not in the supply. C) a decrease in the quantity supplied of prerecorded tapes but not in the supply. D) an increase in the supply of prerecorded tapes. 68) Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A A) increases the demand for good B. B) decreases the demand for good B. C) increases the supply of good B. D) decreases the supply of good B.53) In the figure above, which movement reflects how consumers would react to an increase in the price of a fruit snack that is expected to occur in the future? A) from point a to point b B) from point a to point e C) from point a to point c D) from point a to point d 54) In the figure above, which movement reflects an increase in income if fruit snacks are an inferior good? A) from point a to point d B) from point a to point c C) from point a to point b D) from point a to point e 55) In the figure above, which movement reflects an increase in income if fruit snacks are a normal good? A) from point a to point d B) from point a to point e C) from point a to point b D) from point a to point c 56) In the figure above, which movement reflects a decrease in population? A) from point a to point d B) from point a to point c C) from point a to point e D) from point a to point b 57) The quantity supplied of a good is A) equal to the difference between the quantity available and the quantity desired by all consumers and producers. B) the same thing as the quantity demanded at each price. C) the amount that the producers are planning to sell at a particular price during a given time period. D) the amount the firm would sell if it faced no resource constraints. 58) The quantity supplied of a good or service is the quantity that a producer A) actually sells at a particular price during a given time period. B) should sell at a particular price during a given time period. C) is willing to sell at a particular price during a given time period. D) needs to sell at a particular price during a given time period. 59) A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates A) a change in supply. B) the law of demand. () the nature of an inferior good. D) the law of supply. 60) Each point on a supply curve represents A) the highest price sellers can get for each unit over time. B) the lowest price buyers will accept per unit of the good. C) the lowest price for which a supplier can profitably sell another unit. D) the highest price buyers will pay for the good.Price (dollars per fruit snack) D3 D2 D1 Quantity (fruit snacks) 47) In the figure above, which movement reflects an increase in demand? A) from point a to point e B) from point a to point c C) from point a to point b D) from point a to point d 48) In the figure above, which movement reflects a decrease in demand? A) from point a to point d B) from point a to point e C) from point a to point c D) from point a to point b 49) In the figure above, which movement reflects a decrease in quantity demanded but NOT a decrease in demand? A) from point a to point c B) from point a to point e () from point a to point d D) from point a to point b 50) In the figure above, which movement reflects how consumers would react to an increase in the price of a non-fruit snack? A) from point a to point b B) from point a to point d C) from point a to point c D) from point a to point e 51) In the figure above, which movement reflects an increase in the price of a substitute for fruit snacks? A) from point a to point d B) from point a to point e () from point a to point b D) from point a to point c 52) In the figure above, which movement reflects an increase in the price of a complement for fruit snacks? A) from point a to point b B) from point a to point d C) from point a to point e D) from point a to point c
