• What states: When prices are higher, producers will provide more of a product if they are willing and able.*

1 point

Law of Decreasing Marginal Utility

Law of Demand

Law of Increasing Marginal Profit

Law of Supply

• True/False: A change in price results in a change in quantity supplied*

1 point

True

False

• Which of the following is not a determinant of supply?*

1 point

Price/Availability of Resources

Government Action

Future Expectations of Profit

Technology

Tastes and Advertising

• The supply curve for automobiles will shift to the right in response to:*

1 point

Increase in wages in the automobile industry

A decrease in consumers' income

An increase in the efficiency of robot technology

A decrease in the number of consumers purchasing automobiles

• Three new pizza places close in Scottsdale, what will happen to supply?*

1 point

Quantity supplied increasesQ

Increase

Stay the same

Quantity supplied decreases

Decrease

• 

Which of the following events could cause the supply curve for donuts to 1 shift to 82? * Pnce S 5 52 0 Quantity 0 A government study says that eating donuts is bad for your health. 0 Three local donut shops close clue to lack of prot. 0 The government imposes an \"wellness tax\" on donut shops for being unhealthy. 0 None can accurately predict a shift in the supply curve to the right 0 The government gives a subsidy to all donut stores to help buy new ovens. Scenario: (Market: Orange Juice) The price of orange juice goes from $2 to $5. What will happen to the supply of oranges? Which direction will the curve shift? Which curve represents the correct shift? (3 parts to your answer) * Price S $1 $2 Quantity Your