Author Question: Seller A, has an upward-sloping supply curve, and is willing to supply 400 units of a commodity at a ... (Read 55 times)

elizabeth18 · **on:** Jun 30, 2018

Seller A, has an upward-sloping supply curve, and is willing to supply 400 units of a commodity at a price of 5 per unit. Seller A is now willing to supply 500 units at a price of 5 per unit. Evidently, seller A has experienced a(n):
a. increase in supply.
b. decrease in supply.
c. increase in quantity supplied.
d. decrease in the quantity supplied.
e. decrease in demand.

Question 2

If more people enter medical school, we can expect:
a. the demand for doctors to increase.
b. the supply of doctors to increase.
c. the demand for doctors to decrease.
d. the supply of doctors to decrease.
e. no effect on the supply or demand of doctorsjust a movement along the curves.