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6 Written questions

6 Multiple choice questions

  1. Refers to the amount of good a producer is willing and able to sell at a certain price.
  2. Taxes on the production and sale of specific goods.
  3. Even if output is idle and does not change no matter how much of a good is produced.
  4. When adding more workers results in increased production.
  5. When adding more workers results in increased output but at a decreasing rate.
  6. What is the goal of a business?

5 True/False questions

  1. 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.

          

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

          

  3. Total CostThe sum of fixed and variable costs.

          

  4. Negative Marginal ReturnsWhen adding more workers results in increased production.

          

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