Author Question: Which of the following will cause a movement upward along a supply curve? a. Increases in ... (Read 45 times)

storky111 · **on:** Jun 30, 2018

Which of the following will cause a movement upward along a supply curve?
a. Increases in raw-material costs.
b. Increases in labor costs.
c. Increases in the cost of machinery.
d. Increases in the market price of a good, other things being equal.

Question 2

When economists say the quantity supplied of a product has decreased, they mean the:
a. supply curve has shifted to the left.
b. supply curve has shifted to the right.
c. price of the product has risen, and consequently, suppliers are producing more of it.
d. price of the product has fallen, and consequently, suppliers are producing less of it.