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69) An increase in the number of fast-food restaurants 69) A) increases the demand for substitutes for fast-food meals. B) raises the price of fast-food meals. C) increases the supply of fast-food meals. D) increases the demand for fast-food meals. 70) Over the past decade technological improvements that have lowered the cost of producing an 70) automobile have increased A) the demand but not the supply of automobiles. B) both the supply and the demand for automobiles. C) the supply but not the demand for automobiles. D) neither the supply nor the demand for automobiles. 71) Which of the following will shift the supply curve for good X leftward? 71) A) a situation in which quantity demanded exceeds quantity supplied B) an increase in the cost of the machinery used to produce X C) a decrease in the wages of workers employed to produce X D) a technological improvement in the production of X 72) Which of the following does NOT shift the supply curve? 72) A) an increase in the price of the good B) a fall in the price of a substitute in production C) a decrease in the wages of labor used in production of the good D) a technological advance 73) If the price of a good changes but everything else influencing suppliers' planned sales remains 73) constant, there is a A) rotation of the initial supply curve around the initial price. B) new supply curve that is to the right of the initial supply curve. C) new supply curve that is to the left of the initial supply curve. D) movement along the supply curve. 74) A decrease in the quantity supplied is represented by a 74) A) rightward shift in the supply curve. B) movement down the supply curve. C) leftward shift in the supply curve. D) movement up the supply curve. 75) Which of the following causes an increase in the quantity supplied of good X but NOT in the 75) supply of good X? A) an increase in the price of X B) an increase in the price of good Y, a complement in the production of X C) an improvement in the technology for producing X D) a reduction in the price of resources used to produce X61) Because of increasing marginal cost, most supply curves 61) 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 62) 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 63) 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? 64) 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 65) 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 66) 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. C) 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 67) 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 53) 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 54) 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 55) 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? 56) 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 57) 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 58) 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 59) produce. This fact illustrates A) a change in supply. B) the law of demand. C) the nature of an inferior good. D) the law of supply. 60) Each point on a supply curve represents 60) 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) D. D2 Quantity (fruit snacks) 47) In the figure above, which movement reflects an increase in demand? 47) 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? 48) 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 49) decrease in demand? A) from point a to point c B) from point a to point e C) 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 50) 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 51) snacks? 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 52) In the figure above, which movement reflects an increase in the price of a complement for fruit 52) 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 c41) A change in the price of a good 41) A) shifts the good's demand curve but does not cause a movement along it. B) does not shift the good's demand curve but does cause a movement along it. C) shifts the good's demand curve and also causes a movement along it. D) neither shifts the good's demand curve nor causes a movement along it. 42) A reduction in the price of a good 42) A) does not shift the good's demand curve leftward but does decrease the quantity demanded. B) shifts the good's demand curve leftward but does not decrease the quantity demanded. C) shifts the good's demand curve leftward and also decreases the quantity demanded. D) neither shifts the good's demand curve leftward nor decreases the quantity demanded. 43) A decrease in quantity demanded caused by an increase in price is represented by a 43) A) movement up and to the left along the demand curve. B) movement down and to the right along the demand curve. C) leftward shift of the demand curve. D) rightward shift of the demand curve. 44) A change in which of the following alters buying plans for cars but does NOT shift the demand 44) curve for cars? A) a 10 percent decrease in the price of car insurance B) a 20 percent increase in the price of a car C) a 5 percent increase in people's income D) an increased preference for walking rather than driving 45) Which of the following would NOT shift the demand curve for turkey? 45) A) a change in tastes for turkey B) a decrease in the price of ham C) an increase in income D) a change in the price of a turkey 46) When we say demand increases, we mean that there is a 46) A) movement to the right along a demand curve. B) movement to the left along a demand curve. C) leftward shift of the demand curve. D) rightward shift of the demand curve