Supply is best defined as the measure of how much producers are willing and able to sell
A) above the market-clearing price.
B)at any one price in a given period of time.
C) at all possible prices.
D)according to their resources and profit motives. ( its D or B)
2) The Law of Supply (movement along the curve due to the price effect) occurs because
A) producers usually offer more for sale at lower prices than at higher
B)marginal production costs usually fall at higher rates of production.
C) people can buy only so much of a product.
D)None of the above
( its B)
Can someone tell me if this are wrong ,
the first one is c
3)Soybeans are an important ingredient in making tofu. So, if the price of soybeans suddenly increased
A)more tofu would be supplied at all possible prices.
B)the supply curve of tofu would shift to the left.
C)tofu producers would earn more profit.
D)None of the above.
( its B)
Higher prices allow businesses to increase production. This occurs because
A) most producers are monopolies.
B) the price effect doesn't work with supply
C) marginal production costs usually rise when businesses increase their rates of production.
D)
higher prices can eliminate the scarcity of most products.( its C)
To determine the correct answers for these questions, let's break down the options and explain how to think through them:
1) Supply is best defined as the measure of how much producers are willing and able to sell.
A) Above the market-clearing price: This option is incorrect because the market-clearing price is the price at which the quantity supplied equals the quantity demanded. Therefore, supply is not necessarily above this price.
B) At any one price in a given period of time: This option is correct. Supply represents the quantity of a good or service that producers are willing and able to sell at different prices during a specific period of time.
C) At all possible prices: This option is incorrect because supply may not be available at every possible price. Producers may only be willing to sell their goods at certain prices.
D) According to their resources and profit motives: This option is incorrect because it refers to the determinants of supply rather than the definition of supply itself.
Therefore, the correct answer is B) At any one price in a given period of time.
2) The Law of Supply (movement along the curve due to the price effect) occurs because:
A) Producers usually offer more for sale at lower prices than at higher prices: This option is correct. The Law of Supply states that as the price of a good or service increases, the quantity supplied also increases, holding other factors constant.
B) Marginal production costs usually fall at higher rates of production: This option is incorrect. The Law of Supply is not directly related to marginal production costs.
C) People can buy only so much of a product: This option is incorrect. The Law of Supply is about the behavior of producers, not consumers.
D) None of the above: This option is incorrect because the Law of Supply is accurately reflected by option B.
Therefore, the correct answer is A) Producers usually offer more for sale at lower prices than at higher prices.