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6 Written questions

6 Multiple choice questions

  1. The extra cost of producing on more unit of a product.
  2. A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
  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. Taxes on the production and sale of specific goods.
  6. 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

  1. Total CostThe sum of fixed and variable costs.

          

  2. Diminishing Marginal ReturnsWhen adding more workers results in increased output but at a decreasing rate.

          

  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. Variable CostThe extra cost of producing on more unit of a product.

          

  5. Elasticity of SupplyProducers will offer more goods as prices rise and less as prices fall.