6 Written Questions
6 Multiple Choice Questions
- A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
- The amount of goods available.
- Government payments that support a business or market.
- The extra cost of producing on more unit of a product.
- 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.
- 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.
5 True/False Questions
Diminishing Marginal Returns → When adding more workers results in increased production.
Total Cost → The sum of fixed and variable costs.
Increasing Marginal Returns → When adding more workers results in increased production.
Fixed Cost → Even if output is idle and does not change no matter how much of a good is produced.
Law of Supply → The amount of goods available.