6 Written questions
6 Multiple choice questions
- The extra cost of producing on more unit of a product.
- Government payments that support a business or market.
- A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
- What is the goal of a business?
- Refers to the amount of good a producer is willing and able to sell at a certain price.
- Taxes on the production and sale of specific goods.
5 True/False questions
Elasticity of Supply → Measures how firms will respond to changes in the price of a good.
Market Supply Schedule → A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
Fixed Cost → The sum of fixed and variable costs.
Total Cost → Even if output is idle and does not change no matter how much of a good is produced.
Diminishing Marginal Returns → When adding more workers results in increased production.