AP Microeconomics Mkt 3 D Explain Using Graphs As Appropriate Producers Sellers Responses to Changes in Incentives and Technology Questions

Practise shifting supply for input costs, technology, firm numbers, natural conditions, and alternative outputs, then trace the new market equilibrium.

Exam points

shift supply left or right when wages, land, equipment or raw-material input costs change
determine how technology, the number of firms or a natural disruption changes market supply
use the price of an alternative output to explain producers reallocating resources between goods
distinguish a supply determinant from the good's own price, which changes quantity supplied
draw the supply shift and label its opposite effects on equilibrium price and quantity

[Maximum number: 1]

Corn is used as food and as an input in the production of ethanol, an alternative fuel. Assume corn is produced in a perfectly competitive market.

Soybeans are produced in a perfectly competitive market. Assume farmers can grow either corn or soybeans on the same land. What happens to the price of soybeans in the next planting season if the price of corn increases? Explain.

All question bank results loaded

AP Microeconomics Mkt 3 D Explain Using Graphs As Appropriate Producers Sellers Responses to Changes in Incentives and Technology Questions question 1