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6 Written questions

6 Multiple choice questions

  1. The amount of goods available.
  2. What is the goal of a business?
  3. Government payments that support a business or market.
  4. When adding more workers results in increased output but at a decreasing rate.
  5. The extra cost of producing on more unit of a product.
  6. Measures how firms will respond to changes in the price of a good.

5 True/False questions

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

          

  2. Excise TaxesGovernment payments that support a business or market.

          

  3. Law of SupplyThe amount of goods available.

          

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

          

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