Which of the following is a determinant of supply?(1 point)

Question

Responses

the price of a substitute in production
the price of a substitute in production

the price of a substitute in consumption
the price of a substitute in consumption

the price of a complement in consumption
the price of a complement in consumption

consumer expectations

Answer 1

The correct response that identifies a determinant of supply is:

the price of a substitute in production

Determinants of supply refer to factors that can lead to changes in the supply of a good or service, and the price of a substitute in production directly affects producers' decisions to allocate resources between different goods. The other options mentioned are more closely related to demand or demand-side factors.

Answer 2

Which of the following events would shift a supply curve to the left?(1 point)
Responses

The prices of many inputs are dramatically reduced.
The prices of many inputs are dramatically reduced.

The price of the good that the firms produce is expected to fall in the near future.
The price of the good that the firms produce is expected to fall in the near future.

The number of sellers in the market increases.
The number of sellers in the market increases.

Local government increases the taxes that are levied on firms.

Answer 3

The event that would shift a supply curve to the left is:

Local government increases the taxes that are levied on firms.

When taxes on firms increase, it raises their costs of production, which can lead to a decrease in the quantity supplied at every price, thereby shifting the supply curve to the left. The other options would either increase supply or have no impact on the supply curve.

Answer 4

A business produces apple juice and orange juice. The price of orange juice has increased from $2.00 to $2.50 . This can be modeled by _____.(1 point)
Responses

a shift of the supply curve for apple juice to the right
a shift of the supply curve for apple juice to the right

an upward movement along the supply curve for apple juice
an upward movement along the supply curve for apple juice

a downward movement along the supply curve for apple juice
a downward movement along the supply curve for apple juice

a shift of the supply curve for apple juice to the left

Answer 5

The correct response to model the situation described is:

a shift of the supply curve for apple juice to the left.

The increase in the price of orange juice (a substitute in production) implies that producers might divert resources from apple juice production to orange juice production, thereby decreasing the supply of apple juice. This results in a leftward shift of the supply curve for apple juice.

Answer 6

The federal government is considering providing a per-student subsidy to private schools in the country. What is the anticipated effect of the subsidy on the supply of private education?(1 point)
Responses

The demand for private education will increase.
The demand for private education will increase.

The supply of private education will decrease.
The supply of private education will decrease.

At any given price, the quantity supplied of private education will decrease.
At any given price, the quantity supplied of private education will decrease.

At any given price, the quantity supplied of private education will increase.

Answer 7

The anticipated effect of providing a per-student subsidy to private schools on the supply of private education is:

At any given price, the quantity supplied of private education will increase.

A subsidy effectively lowers the cost of providing education for private schools, which encourages them to supply more education at the same price levels. This means that, at any given price, the quantity of private education supplied would increase.

Answer 8

The welding workforce (supply) is expected to grow due to a state program that has increased the access of the vocational education programs necessary to become proficient in the profession. Unfortunately, the price of tools to be a welder have gone up. What impact will this development have on the supply of welders?(1 point)
Responses

It is impossible to tell.
It is impossible to tell.

The supply of welding will be unaffected.
The supply of welding will be unaffected.

The supply of welding will increase.
The supply of welding will increase.

The supply of welding will decrease.

Answer 9

The correct response is:

It is impossible to tell.

The anticipated growth in the welding workforce due to increased access to vocational education suggests that the supply of welders would increase. However, the increase in the price of tools needed to be a welder represents a higher cost of entry into the profession, which could counteract the positive effect of the increased workforce supply. Therefore, the overall impact on the supply of welders is uncertain, as it depends on the relative strength of these opposing factors.