6 Written questions
6 Multiple choice questions
- The extra cost of producing on more unit of a product.
- A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
- Even if output is idle and does not change no matter how much of a good is produced.
- When adding more workers results in increased production.
- Taxes on the production and sale of specific goods.
- 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
Total Cost → The sum of fixed and variable costs.
Diminishing Marginal Returns → When adding more workers results in increased output but at a decreasing rate.
Market Supply Schedule → A table showing the relationship between various prices and the amount of good all firms in the market are willing to sell at each price.
Variable Cost → The extra cost of producing on more unit of a product.
Elasticity of Supply → Producers will offer more goods as prices rise and less as prices fall.