6 Written questions
6 Multiple choice questions
- The sum of fixed and variable costs.
- Measures how firms will respond to changes in the price of a good.
- 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.
- A table showing the relationship between various prices and the amount of good all firms in the market are willing to sell at each price.
- Refers to the amount of good a producer is willing and able to sell at a certain price.
- Producers will offer more goods as prices rise and less as prices fall.
5 True/False questions
Increasing Marginal Returns → When adding more workers results in increased production.
Subsidies → The amount of goods available.
Supply Schedule → A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
Supply → The amount of goods available.
Excise Taxes → Government payments that support a business or market.