Refer to figure 4 11 if these are the only two

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Chapter 23 / Exercise 4
Exploring Economics
Sexton
Expert Verified
116.Refer to Figure 4-11.If these are the only two sellers in the market, then the market quantity supplied at a price of $6 isa.2 units.b.10 units.c.12 units.d.22 units.ANS: D
117.Refer to Figure 4-11.If these are the only two sellers in the market, then the market quantity supplied at a price of $8 is
Figure 4-12S1Producer A246810121416Quantity2468101214161820PriceS2Producer B246810121416Quantity2468101214161820Price118.Refer to Figure 4-12. If Producer A and Producer B are the only producers in the market, then the market quantity supplied when the price is $4 is
119. The supply curve for portable charcoal grills shifts
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Exploring Economics
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Chapter 23 / Exercise 4
Exploring Economics
Sexton
Expert Verified
120. Lead is an important input in the production of crystal. If the price of lead decreases, then we would expect the supply ofa.crystal to be unaffected.b.crystal to decrease.c.crystal to increase.d.lead to increase.ANS: C
121. Suppose you make jewelry. If the price of gold falls, then we would expect you to
122. Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the
123. Suppose there is an increase in the price of steel. We would expect the supply curve for steel beams to
124. Wheat is the main input in the production of flour. If the price of wheat decreases, then we would expect thea.demand for flour to increase.b.demand for flour to decrease.c.supply of flour to increase.d.supply of flour to decrease.ANS: C

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