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1-Which of the following would cause the supply curve to shift to the right?

An increase in the price of the product.

An improvement in technology.

an increase in taxes

An increase in production costs.

2-A positive statement is

an opinion

can be shown to be correct or incorrect.

based upon what can be demonstrated to be true.

a value judgement.

3-If you consume pasta every day of the week, its marginal utility is bound to ________ at the end of the week, ceteris paribus, and this demonstrates the law of ________.

Increase; Diminishing Marginal Utility

Decline; Diminishing Marginal Utility

Decrease; Total Utility

Increase; Increasing Marginal Utility

4-A demand curve shows the graphical relationship between price and


revenues received

quantity demanded.

quantity produced.

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