A fall in the price of a good causes producers to

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) the law of supply.
B) the law of demand.
C) a change in supply.
D) the nature of an inferior good.
Answer: A
Each point on a supply curve represents Because of increasing marginal cost, most supply curves A supply curve shows the relation between the quantity of a good supplied and

A) holds the number of suppliers constant, whereas the supply schedule allows the number tovary.
B) holds resource prices constant, whereas the supply schedule allows them to vary.
C) is a graph and the supply schedule is a table.
D) represents one firm, whereas the supply schedule represents all firms in the market.
Answer: C
Which of the following is NOT held constant while moving along a supply curve?
A) Expected future prices.
B) The number of sellers.
C) The price of the good itself.
D) Prices of resources used in production.
Answer: C
The supply curve is graphed with
Which of the following shifts the supply curve for gasoline rightward?