Exhibit 3-5 Supply for Tucker's Cola Data
Quantity supplied per week(millions of gallons)
Price pergallon
6
$3.00
5
2.50
4
2.00
3
1.50
2
1.00
1
.50
In reference to Exhibit 3-5, assume the price of Tucker's Cola is $1.00 per gallon. If the price were to rise to $3.00 per gallon, and all other factors, such as taxes, etc. remained constant, the result would be a(n):
A. decrease in supply.
B. increase in supply.
C. decrease in quantity supplied.
D. increase in quantity supplied.
Answer: D
You might also like to view...
Which of the following is not generally considered one of the three main causes of the financial crisis of 2007-2009?
A) insufficient regulation of the shadow banking system B) excessive risk taking by commercial banks and other financial intermediaries C) the "too-big-to-fail problem" of large financial firms D) inaction by the Federal Reserve in acting as lender of last resort
Why don't we see firms tie-in the sales of fish filets with the sales of pencils?
A) because the demands for these two goods are positively correlated B) because the demands for these two goods are negatively correlated C) because the demands for these two goods are independent D) It violates the Clean Food Act of 1908.
What is meant by economist Paul Romer’s statement that “Economic growth springs from better recipes, not just from more cooking”? Better recipes ______.
a. are the result of better education and training b. lead to innovation and permanent change c. provide quality rather than quantity d. require assistance and collaboration
For a firm in a perfectly competitive labor market, the supply curve of labor is
A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.