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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 88
units. Which one of the following is the price elasticity of supply?
34.
A company has a policy of frequently cutting prices to
increase sales. Product demand is significantly elastic. What
impact would this have on the company's situation?