DO NOT EXPLAIN! JUST CHOOSE A, B, C, or D.

A supply curve indicates that:

Select one:

a. the quantity supplied of a good is higher when the price of that good is higher.

b. the quantity supplied of a good is higher when the price of that good is lower.

c. the supply for a good is higher when the price of that good is lower.

d. the supply for a good is higher when the price of that good is higher.

Why does supply slope up?

Select one:

a. At higher prices, suppliers can profitably produce using more expensive techniques and inputs.

b. The cost of producing a given good is the same, no matter how many are produced.

c. Producers charge the maximum price that they can get.

d. If supply did not slope up, it would not intersect with demand.

For each good produced in a free market economy, demand and supply determine:

Select one:

a. the price of the good, but not the quantity.

b. the quantity of the good, but not the price.

c. both the price and the quantity of the good.

d. neither price nor quantity; sellers determine the price.

OPEC is able to raise oil prices by:

Select one:

a. increasing the demand for oil.

b. decreasing the supply of oil by cutting production.

c. decreasing transportation costs, a complement to oil.

d. subsidizing the oil production of developing countries.