MICE 3

An increase in the number of fast-food restaurants __________.

• raises the price of fast food meals

• 
  increases the supply of fast-food meals

• increases both demand and supply for fast food meals

• increases the demand for fast food meals

Which of the following increases the quantity supplied of compact discs but does NOT increase the supply of compact discs?

• An increase in the price of a compact disc

• A decrease in the number of suppliers of compact discs

• A new technology has been discovered that can increase the production rate of CDs

• A decrease in the price of CD

• An increase in the price of the resources used to produce compact discs

When any influence on selling plans changes, other than the price of the good, there is a change in the...

• the demand and supply of that goods

• demand for the good but not the supply of the good.

• quantity of the goods supplied.

• supply of the good but not the demand for the good.

• demand for the good and the quantity of the good supplied.

Suppose over the next several years the productivity of firms producing electric cars improves dramatically. The advance in productivity leads to

• 
  a decrease in the supply of electric cars so that the supply curve shifts leftward.

• 
  an increase in the supply electric cars and the supply curve shifts rightward.

• an increase in the supply of electric cars and this shifts the supply curve of electric cars leftward.

• no change in the supply of electric cars, only a change in the quantity supplied of electric cars

• a decrease in the supply of electric cars and the supply curve shifts rightward.

A decrease in the price of a complement in production leads to ____________.

• an increase in the supply of the goods in questions

• 
  no change to the supply of the goods in question

• a decrease in the supply of the good in question

• an increase in the supply of the good in question and a decrease in the quantity supplied of the good in question

• a decrease in the quantity supplied of the good in question

A change in price factor of the goods / service itself influences a change in _______________ and this is shown/reflected as a ________________ on the graph.

• 
  supply; shift of the supply curve

• quantity supplied; movement along the same supply curve

• supply; movement along the same supply curve

• quantity supplied; shift of the supply curve

Which of the following shifts the supply curve for oranges?

• An increase in income for all orange consumers if oranges are a normal good

• A medical newsletter reporting more benefits of eating oranges

• An increase in the price of bananas, a substitute in consumption for oranges

• Disastrous weather that destroys about half of this year's orange crop

• An increase in the number of orange consumers

A change in non-price factor for a goods / service  influences a change in _______________ and this is shown/reflected as a ________________ on the graph.

• quantity supplied; movement along the supply curve

• quantity supplied; shift of the supply curve

• supply; shift of the supply curve

• supply; movement along the supply curve