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6 Written questions

6 Multiple choice questions

  1. What is the goal of a business?
  2. 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.
  3. Even if output is idle and does not change no matter how much of a good is produced.
  4. A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
  5. Producers will offer more goods as prices rise and less as prices fall.
  6. Refers to the amount of good a producer is willing and able to sell at a certain price.

5 True/False questions

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

          

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

          

  3. SupplyA plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.

          

  4. Market Supply ScheduleA table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.

          

  5. SubsidiesGovernment payments that support a business or market.

          

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