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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?