Graphing a Supply Curve from a Supply Schedule, and How to Read a Supply Graph Curve Practice Questions | Marginal Revolution University

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Graphing a Supply Curve from a Supply Schedule, and How to Read a Supply Graph Curve Practice Questions

When reading a supply curve vertically, what question are you answering? *

a. What quantity will sellers supply at this price?

b. What price do sellers charge to maximize total revenue?

c. What quantity will buyers want at a given price?

d. What price do sellers need to supply a given quantity?

If the supply curve shows that a producer supplies the 100th unit only when price reaches $12, then $12 represents: *

a. the total cost of producing 100 units.

b. the average cost of all 100 units.

c. the marginal cost of the 100th unit.

d. the consumer’s maximum willingness to pay for the 100th unit.

Use the table to answer the question about the market for new stainless steel water bottles:

Suppose that a manufacturer prices new stainless steel water bottles at $30. What is the most likely quantity supplied? *

a. 150

b. 350

c. 525

d. 775

Use the graph to answer the question below.

At a price of $0.50, how many pencils will be supplied? *

a. 50 million

b. 100 million

c. 200 million

d. 250 million

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Principles of Economics Microeconomics

Course (109 videos)

Introduction

Introduction to Microeconomics

Practice Questions

Opportunity Cost and Tradeoffs

Practice Questions

Marginal Thinking and the Sunk Cost Fallacy

Practice Questions

Interactive Practice

Supply, Demand, and Equilibrium

The Demand Curve

Practice Questions

The Supply Curve

Practice Questions

The Equilibrium Price and Quantity

Practice Questions

Graphing a Demand Curve from a Demand Schedule, and How to Read a Demand Graph

Practice Questions

Interactive Practice

What Shifts the Demand Curve?

Practice Questions

Change in Demand vs. Change in Quantity Demanded

Interactive Practice

Consumer Surplus

Practice Questions

Graphing a Supply Curve from a Supply Schedule, and How to Read a Supply Graph

Practice Questions

Interactive Practice

What Shifts the Supply Curve?

Practice Questions

Interactive Practice

Producer Surplus

Practice Questions

Interactive Practice

Equilibrium in Economics: How a Supply and Demand Graph Dot Explains Producer and Consumer Surplus

Practice Questions

Interactive Practice

Supply and Demand Terminology

Practice Questions

Does the Equilibrium Model Work?

Practice Questions

Elasticity and Its Applications

Elasticity of Demand

Practice Questions

Interactive Practice

Calculating the Elasticity of Demand

Practice Questions

Office Hours: Elasticity of Demand

Practice Questions

Elasticity of Supply

Practice Questions

Interactive Practice

Elasticity of Supply: Why Housing is Unaffordable

Practice Questions

Elasticity of Supply: Do Gun Buybacks Work?

Practice Questions

Taxes and Subsidies

Commodity Taxes

Practice Questions

Who Pays the Tax?

Practice Questions

Tax Revenue and Deadweight Loss

Practice Questions

Practice Questions

Practice Questions

The Price System

A Price Is a Signal Wrapped up in an Incentive

Practice Questions

Markets Link the World

Practice Questions

The Great Economic Problem

Practice Questions

Information and Incentives

Practice Questions

Practice Questions

Prediction Markets

Practice Questions

Price Ceilings and Price Floors

Practice Questions

Price Ceilings: Shortages and Quality Reduction

Practice Questions

Price Ceilings: Lines and Search Costs

Practice Questions

Price Ceilings: Deadweight Loss

Practice Questions

Price Ceilings: Misallocation of Resources

Interactive Practice

Price Ceilings: Rent Controls

Practice Questions

Rent Control in Mumbai

Practice Questions

Price Floors: The Minimum Wage

Practice Questions

Price Floors: Airline Fares

Interactive Practice

Why Do Governments Enact Price Controls?

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Price Controls and Communism

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Trade

The Big Ideas of Trade

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Comparative Advantage

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Another Look at Comparative Advantage

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Comparative Advantage Homework

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Tariffs and Protectionism

Interactive Practice

Arguments Against International Trade

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Avengers: The Story of Globalization (Optional)

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Externalities

What Are Negative Externalities?

Practice Questions

Pigouvian Taxes

What Are Positive Externalities?

Practice Questions

Pigouvian Subsidies

Command and Control Solutions

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The Coase Theorem

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Trading Pollution

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A Deeper Look at Tradable Allowances

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Externalities and Incentives: The Economics of COVID

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Costs and Profit Maximization Under Competition

Introduction to the Competitive Firm

Practice Questions

Maximizing Profit Under Competition

Practice Questions

Maximizing Profit and the Average Cost Curve

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Entry, Exit, and Supply Curves: Increasing Costs

Practice Questions

Entry, Exit, and Supply Curves: Constant Costs

Practice Questions

Entry, Exit, and Supply Curves: Decreasing Costs

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Competition and the Invisible Hand

Minimization of Total Industry Costs of Production

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The Balance of Industries and Creative Destruction

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Monopoly

Maximizing Profit Under Monopoly

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Office Hours: Calculating Monopoly Profit

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The Monopoly Markup

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The Costs and Benefits of Monopoly

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Price Discrimination

Introduction to Price Discrimination

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The Social Welfare of Price Discrimination

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Practice Questions

Practice Questions

Labor Markets

The Marginal Product of Labor

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Econ Duel: Is Education Signaling or Skill Building?

Human Capital and Signaling

Practice Questions

The Tradeoff Between Fun and Wages

Practice Questions

Compensating Differentials

Practice Questions

Do Unions Raise Wages?

Practice Questions

Public Goods and the Tragedy of the Commons

Public Goods and Asteroid Defense

Practice Questions

A Deeper Look at Public Goods

Practice Questions

Practice Questions

The Tragedy of the Commons

Practice Questions

Asymmetric Information

Asymmetric Information and Used Cars

Practice Questions

Asymmetric Information in Health Insurance

Practice Questions

Practice Questions

Solutions to Moral Hazard

Practice Questions

Practice Questions

Consumer Choice

Introduction to Consumer Choice

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Budget Constraints

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Indifference Curves

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Consumer Optimization

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Bonus Topics

Office Hours: Game Theory

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Exam

Principles of Economics: Microeconomics

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