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6 Written questions

6 Multiple choice questions

  1. Taxes on the production and sale of specific goods.
  2. Even if output is idle and does not change no matter how much of a good is produced.
  3. A plotted supply schedule. It will always rise from left to right, showing that higher prices will create higher output.
  4. Producers will offer more goods as prices rise and less as prices fall.
  5. A table showing the relationship between various prices and the amount of good one producer is willing to sell at each price.
  6. 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 True/False questions

  1. Increasing Marginal ReturnsWhen adding more workers results in increased output but at a decreasing rate.

          

  2. 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.

          

  3. Negative Marginal ReturnsWhen 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. Total CostThe sum of fixed and variable costs.

          

  5. SupplyThe amount of goods available.

          

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