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6 Written questions

6 Multiple choice questions

  1. Taxes on the production and sale of specific goods.
  2. Government payments that support a business or market.
  3. When adding more workers results in increased output but at a decreasing rate.
  4. 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. When adding more workers results in increased production.
  6. The amount of goods available.

5 True/False questions

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

          

  2. To make profit.The sum of fixed and variable costs.

          

  3. Market Supply ScheduleA table showing the relationship between various prices and the amount of good all firms in the market are willing to sell at each price.

          

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

          

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