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6 Written questions

6 Multiple choice questions

  1. 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.
  2. 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.
  3. The amount of goods available.
  4. The sum of fixed and variable costs.
  5. 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.
  6. A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.

5 True/False questions

  1. Supply CurveThe amount of goods available.

          

  2. Fixed CostThe sum of fixed and variable costs.

          

  3. Excise TaxesTaxes on the production and sale of specific goods.

          

  4. Quantity SuppliedRefers to the amount of good a producer is willing and able to sell at a certain price.

          

  5. Elasticity of SupplyProducers will offer more goods as prices rise and less as prices fall.

          

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