6 Written questions
6 Multiple choice questions
- Government payments that support a business or market.
- When adding more workers results in increased output but at a decreasing rate.
- 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.
- 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.
- 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.
5 True/False questions
Quantity Supplied → Refers to the amount of good a producer is willing and able to sell at a certain price.
Law of Supply → The amount of goods available.
To make profit. → The sum of fixed and variable costs.
Total Cost → Even if output is idle and does not change no matter how much of a good is produced.
Supply → The amount of goods available.