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6 Written questions

6 Multiple choice questions

  1. Government payments that support a business or market.
  2. When adding more workers results in increased output but at a decreasing rate.
  3. 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.
  4. 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.
  5. A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
  6. Even if output is idle and does not change no matter how much of a good is produced.

5 True/False questions

  1. Quantity SuppliedRefers to the amount of good a producer is willing and able to sell at a certain price.

          

  2. Law of SupplyThe amount of goods available.

          

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

          

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

          

  5. SupplyThe amount of goods available.

          

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