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6 Written questions

6 Multiple choice questions

  1. The sum of fixed and variable costs.
  2. A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
  3. Producers will offer more goods as prices rise and less as prices fall.
  4. What is the goal of a business?
  5. Taxes on the production and sale of specific goods.
  6. 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

  1. SubsidiesThe amount of goods available.

          

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

          

  3. Marginal CostThe extra cost of producing on more unit of a product.

          

  4. Supply ScheduleA plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.

          

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

          

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