quiz 3

Which event would shift the supply curve for gasoline to the right?

Question 6 options:

a)

an increase in property taxes

b)

an explosion in a major refinery

c)

a technological innovation in the solar power energy industry

d)

a technological innovation in the oil-drilling industry that dramatically lowers the cost of exploration

Question 7(1 point)

(Figure: Interpreting Supply Shifts 2) A shift to the right of the supply curve could be caused by a(n):

Question 7 options:

a)

decrease in the number of sellers.

b)

increase in the price of a complement.

c)

increase in the costs of resources.

d)

improvement in production technology.

Question 8(1 point)

Which pair MOST likely includes substitute goods?

Question 8 options:

a)

ramen noodles and water

b)

soft drinks and lemonade

c)

pizza and chicken wings

d)

hot dogs and mustard

Question 9(1 point)

In the market for cable television, fewer people are subscribing to cable while the cost of providing cable television has increased. As a result, since the drop in cable subscribers has had a bigger impact on the market, we can expect a(n):

Question 9 options:

a)

decrease in the equilibrium price and quantity of cable television.

b)

unknown change in the equilibrium price but a decrease in the equilibrium quantity of cable television.

c)

increase in the equilibrium price and quantity of cable television.

d)

unknown change in the equilibrium quantity but a decrease in the equilibrium price of cable television.

Question 10(1 point)

An increase in the price of Lays potato chips causes the supply curve for this product to shift up and to the left.

Question 10 options:

a)

False

b)

True