Supply Shifts and Applications — Practice Set 2

A hurricane destroys orange groves in Florida. In the market for orange juice, equilibrium price will ___ and quantity will ___.

Steel and aluminum are substitutes in production for a manufacturer. If the price of aluminum rises, the supply of steel-intensive goods will:

A binding minimum wage raises labor costs for fast-food restaurants. The supply curve for burgers will:

In the long run, supply is generally ___ elastic than in the short run because:

A quota on imported sugar will in the domestic sugar market:

If the price of leather (an input to shoes) falls and simultaneously the price of sneakers (a substitute in consumption) falls, the equilibrium price of leather shoes will:

A technological breakthrough that only reduces fixed costs will in the short run:

Farmers expect corn prices to fall next season. This season they will:

Which of the following increases the supply of rental apartments?

A government price support set above equilibrium for wheat leads to: