20. Concurrent with a significant downturn in the economy, the sale of Scope ' s high-end electronics decreased dramatically. Which of the following is the most likely direct cause of the decline in demand for Scope ' s products?
21. Which one of the following factors would not cause an increase in the supply curve of a commodity?
22. A supply schedule( or supply curve) shows the relationship between the quantity of a commodity that will be supplied during a period of time and
23. If a change in market variables causes a supply curve to shift inward, which one of the following will occur?
24. When the cost of input factors to the production process increases, which one of the following will occur?
25. In the statement " quantity supplied is a function of price," are the variables quantity and price dependent or independent variables?
26. An increase in taxes on cigarette production would cause which one of the following to occur?
27. What is the effect on the quantity of a commodity supplied relative to demand as a result of a government-mandated price ceiling or price floor?
28. A city ordinance that establishes a price ceiling on rent may cause
29. If both demand and supply have traditional curves, a higher equilibrium price may be caused by which one of the following?
30. If the price for a good is fixed by government fiat below market equilibrium price, which one of the following will occur?
31. A price ceiling that is below the market equilibrium price would be expected to result in which one of the following sets of effects on demand and supply?
32. Which of the following characteristics would indicate that an item sold would have a high price elasticity of demand? 33. An increase in the price of Commodity Y from $ 50 to $ 60 resulted in an increase in the quantity supplied, from 80 units to