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6 Written questions

6 Multiple choice questions

  1. The extra cost of producing on more unit of a product.
  2. Government payments that support a business or market.
  3. A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
  4. What is the goal of a business?
  5. Refers to the amount of good a producer is willing and able to sell at a certain price.
  6. Taxes on the production and sale of specific goods.

5 True/False questions

  1. Elasticity of SupplyMeasures how firms will respond to changes in the price of a good.

          

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

          

  3. Fixed CostThe sum of fixed and variable costs.

          

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

          

  5. Diminishing Marginal ReturnsWhen adding more workers results in increased production.

          

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