According to the Law of Supply, what will happen to the number of products a firm offers for sale when prices go down? What will happen to the cost of additional units of production when a firm starts having diminishing returns? What will happen to the number of products a firm will offer for sale if its cost of production increases while prices remain the same?

The general pattern that consumption of the first few units of any good tends to bring a higher level of ______________ to a person than consumption of later units is a common pattern.

A. utility

B. marginal benefit

C. opportunity cost

D. sunk costs

The model that economists use for illustrating the process of individual choice in a situation of scarcity is the , sometimes also called the opportunity set, a diagram which shows what choices are possible

A. consumption set

B. budget constraint

C. original budget

D. income cap

Imagine that gas prices have increased to $5.00 per gallon. What will happen to the supply of fuel-efficient cars in the short run and in the long run? Explain.

Describe one practical application of cost principles.

Which of the following statements most likely lies within the realm of microeconomics?

A) Unemployment rises during a recession and falls during an expansion.

B) An increase in government spending will increase the aggregate demand for goods and services in the economy.

C) A rapid acceleration of the supply of money may create inflation.

D) An increase in labor costs will increase the additional cost of producing another bus.

The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves ____ spending.

A. business

B. government

C. household

D. capital market

Describe the three stages of production.

Distinguish between the individual the market supply curve.

Explain how businesses determine their profit maximization output.

Explain the difference between fixed and variable expenses. How can they be used to change monthly costs?

Explain the difference between total product and marginal product.

Name and describe three factors that can cause a change in supply.

Emotional intelligence is the ability to monitor your and others' feelings and to use this information to guide your thinking and actions.

True or false?