Question 10.25A higher price will induce a supplier to increase the quantity supplied.Group of answer choicesTrue

 pts

False

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Question 20.25

 pts

In perfectly competitive markets, there are enough firms and buyers so that no firm can determine the market price. 

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True

False

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Question 30.25

 pts

For a perfectly competitive firm, fixed costs are not included in marginal costs.

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False

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Question 40.25

 pts

The supply curve and the marginal cost curve tell you the same information

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False

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Question 50.25

 pts

According to the rational rule for sellers, a seller should continue to produce until price is greater than marginal cost. 

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True

False

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Question 60.25

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In our class, when there is a change in the price, as a result, we say, "there is a change in the supply."

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False

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Question 70.25

 pts

There are four suppliers in the packed meals market. The quantity of packed meals that each one is willing to supply per week at various prices is provided in the accompanying table.When the price falls from $6.50 per meal to $6.25 per meal the quantity supplied in the market falls by 152,000 meals.

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Question 80.25

 pts

(Figure: Graph) In the graph, the movement from point E to point F represents a decrease in supply.

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True

False

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Question 90.25

 pts

(Figure: Graph) In the graph, the movement from point G to point F represents a decrease in supply

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True

False

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Question 100.25

 pts

(Figure: Graph) In the graph, the movement from point G to point H represents an increase in quantity supplied.

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True

False

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Question 110.25

 pts

A higher price results in a larger quantity supplied in the market because the higher price causes more firms to sell goods and services and because existing firms increase the amount they sell. 

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True

False

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Question 120.25

 pts

If a firm expects lower prices in the future, it will decrease the supply today. 

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True

False

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Question 130.25

 pts

Paper producers can manufacture both printing and drawing paper. Falling prices for printing paper would cause the supply of drawing paper to increase. 

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True

False

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Question 140.25

 pts

When prices increase along a supply curve, the cost of inputs falls. 

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True

False

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Question 150.25

 pts

Expected future profits in an industry rise. This would increase the supply today.

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True

False

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Question 160.25

 pts

(Figure: Graph) In the graph, the movement from point E to point H could represent a decrease in productivity.

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True

False

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Question 170.25

 pts

A rise in input prices; a decrease in the number of sellers in the market; a fall in the price of a substitute-in-production all can cause the supply to decrease.

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True

False

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Question 180.25

 pts

When price is greater than marginal cost, a firm should produce more. 

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True

False

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Question 190.25

 pts

Daisy is a milk farmer in a perfectly competitive market where there are many milk farmers. The market price of milk is $0.15 per gallon, which is also the marginal cost per gallon of milk. If Daisy charges $0.25 per gallon, she will not sell any milk.

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False

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Question 200.25

 pts

The table shows the supply data for four different bakeries that produce muffins. Assuming that these are the only four sellers in the market the market supply at at price of $3.00 is 395 muffins. 

Group of answer choices

True

False