Econ B-251 Canvas questions and answers

Econ B-251 Canvas questions and answers

The supply curve is

A. Upward sloping
B. U shaped
C. Downward sloping
D. Inverted U shape ✔✔A. Upward sloping

The supply curve shifts right when

A. Household income rises
B. Household preferences for that good rise
C. Household income falls
D. None of the above ✔✔D. None of the above

The supply curve is

A. The marginal benefit curve
B. The marginal cost curve
C. The firm's budget constraint
D. None of the above ✔✔B. The marginal cost curve

The supply curve is the marginal cost curve

A. Where prices are below minimum average cost
B. Where prices are above minimum average cost
C. When marginal costs are small
D. When marginal costs are large ✔✔B. Where prices are above minimum average
cost

The supply curve shifts to the right when

A. The demand increases
B. The demand decreases
C. The government imposes a safety regulation on the firm
D. The government relaxes an environmental regulation on the firm ✔✔D. The
government relaxes an environmental regulation on the firm

Imagine that in a particular industry there is technological progress that increases output
per worker. The wage of workers is fixed. Then we would expect