Technological advances will cause the supply curve to:
Correct answer(s):
- shift to the right.
Subject
Managerial Economics
Practice related MCQ quizzes and improve step by step.
Quizzes in Managerial Economics
Changes in the price of a good lead to:
Correct answer(s):
- changes in the quantity supplied of the good.
For a steel factory, a decrease in the cost of electricity to the plant will cause the supply curve to:
Correct answer(s):
- shift to the right.
The economic principle that producers are willing to produce more output when price is high is depicted by the:
Correct answer(s):
- upward slope of the supply curve.
The law of supply states that, holding all else constant, as the price of a good falls:
Correct answer(s):
- quantity supplied falls.
The curve which summarizes the total quantity producers are willing and able to produce at differing prices is the:
Correct answer(s):
- market supply curve.
Other things held constant, the greater the price of a good
Correct answer(s):
- the lower the consumer surplus.
Suppose the demand for good X is given by…..
Correct answer(s):
- none of the statements associated with this question are correct.
Suppose the demand for good X is given by Qd x = 10 + axPx + ayPy + aMM. If aM is negative, then good y is:
Correct answer(s):
- an inferior good.
Suppose the demand for good X is given by Qd x = 10 + axPx + ayPy + aMM. If ay is positive, then:
Correct answer(s):
- goods y and x are substitutes.
Suppose the demand for good X is given by Qd x = 10 + axPx + ayPy + aMM. From the law of demand we know that ax will be:
Correct answer(s):
- less than zero.
The demand function recognizes that the quantity of a good consumed depends on:
Correct answer(s):
- demand shifters and price.
Which of the following can explain an increase in the demand for housing in retirement communities?
Correct answer(s):
- An increase in the population of the elderly.
Persuasive advertising influences demand by:
Correct answer(s):
- altering the underlying tastes of consumers.
Graphically, a decrease in advertising will cause the demand curve to:
Correct answer(s):
- shift leftward.
If A and B are complements, an increase in the price of good A would:
Correct answer(s):
- lead to a decrease in demand for B.
If A and B are complements, an increase in the price of good A would:
Correct answer(s):
- lead to a decrease in demand for B.
Which of the following pairs of goods are probably complements?
Correct answer(s):
- hamburgers and ketchup.
An increase in the price of steak will probably lead to:
Correct answer(s):
- an increase in demand for chicken.
Which of the following is probably not a normal good?
Correct answer(s):
- macaroni and cheese.