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6 Written Questions

6 Multiple Choice Questions

  1. A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
  2. The amount of goods available.
  3. Government payments that support a business or market.
  4. The extra cost of producing on more unit of a product.
  5. Changes when business output changes or when rate of operation changes. Includes raw materials, ingredients, supplies, gasoline, electricity, natural gas, and wages for hourly workers.
  6. When more workers causes output to decrease because they get in one another's way or there is not enough work to keep everyone busy.

5 True/False Questions

  1. Diminishing Marginal ReturnsWhen adding more workers results in increased production.

          

  2. Total CostThe sum of fixed and variable costs.

          

  3. Increasing Marginal ReturnsWhen adding more workers results in increased production.

          

  4. Fixed CostEven if output is idle and does not change no matter how much of a good is produced.

          

  5. Law of SupplyThe amount of goods available.

          

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