6 Written Questions
6 Multiple Choice Questions
- 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.
- The amount of goods available.
- The extra cost of producing on more unit of a product.
- Taxes on the production and sale of specific goods.
- Measures how firms will respond to changes in the price of a good.
5 True/False Questions
Total Cost → The sum of fixed and variable costs.
Law of Supply → Producers will offer more goods as prices rise and less as prices fall.
Fixed Cost → Even if output is idle and does not change no matter how much of a good is produced.
To make profit. → What is the goal of a business?
Quantity Supplied → Producers will offer more goods as prices rise and less as prices fall.