Could really use some help answering these question and could you give a brief e
ID: 1151616 • Letter: C
Question
Could really use some help answering these question and could you give a brief explination Thanks!
A supply curve sopes upward becau (a) as more is produced, total cost of production falls b)an incease in in put prices increases supply (e) the quantity supplied ol most goods and services increases over time (d) an incease in price gives produoers an ince stive to supply a larger quantity 27. 28 Which of the following ch anges would not shift the supply curve fot a good or svice (a) a change in production technokbgy (b) a chang in the price of the good or service (e) a chang in expectations about the fut ure price of the good or service (4) a chang in input pris 29 ll selts expect higher lasket pms in them" future, the current (a) supply of bask-ts will increas b) supply of baskts will decrease (c) supply of baskts will be unaffiected (d) demand for baskts will decrease 0 Suppose that demand for a good decreass and, at the sam, supply of the good decreas. What woukd happen in the market for the god? (a) Equilibe i price would decrea,but the impact on equiibrium quantity would ambig wos b)Equilibe im price wou increase, biut the impact on uibr quatity woald e am big (c) Equilibeism quantity woud decre ase, but the impact on equilibeium price would am big wo us d) Equilibeism quantity would increase, but the impact on equibbeinus price wouldExplanation / Answer
Ans27) d is the correct option. An increase in price gives producers an incentive to supply a larger quantity. The supply curve shows the positive relationship between price and the quantity supplied meaning both move in same direction
Ans28) b is the correct option. A Change in the price of the good or service. Changes in the price of the good lead to movement along the supply curve while other options will shift the supply curve.
Ans29) b is the correct option. Supply of baskets will decrease. Suppliers will postpone their production for the near future because they will get a higher price for their product
Ans30) c is the correct option. Equilibrium quantity will decrease but the impact on equilibrium price would be ambiguous. Both demand and supply shift to the left this will decrease the quantity but the change in equilibrium price will depend on the magnitude of demand and supply decrease.