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- Q 1/22Score 0a chart showing the quantities offered for sale at each possible price in the market29average revenuemarginal costLaw of Supplysupply schedule
22 questions
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- Q1a chart showing the quantities offered for sale at each possible price in the marketaverage revenuemarginal costLaw of Supplysupply schedule30s
- Q2principle that more will be offered for sale at higher prices than at lower pricessupply curvemarginal costLaw of Supplydiminishing returns30s
- Q3amount offered for sale at a given price; point on the supply curvesubsidyquantity suppliedtotal productproduction function30s
- Q4the different amounts offered for sale at each possible price in the marketsupplysupply elasticityLaw of Supplymarginal cost30s
- Q5government payment to encourage or protect a certain economic activitye-commercesubsidytotal productquantity suppllied30s
- Q6graph showing how a change in the amount of a single variable input affects total outputincreasing returnssupply curvesupply scheduleproduction function30s
- Q7entirety of output or production by a firmmarginal productsupply scheduletotal productLaw of Supply30s
- Q8extra expense created by producing one additional unit of productionmarginal revenuediminishing returnsmarginal costsubsidy30s
- Q9mean price of a unit of outputfixed costsnegative returnsaverage marginal costaverage revenue30s
- Q10business conducted over the Internete-commercee-nomicsbrick and mortare-product30s
- Q11Which of these would an item’s producer be most likely to do if total revenue on that item began to drop?produce more of that itemproduce less of that itemlower the price of that itemraise the price of that item30s
- Q12Which of these best describes the influence of high prices on the behavior of producers?High prices are an incentive for producers to produce more.High prices have no significant influence on the behavior of producers.High prices are an incentive for producers to produce less.High prices influence producers to use fewer raw materials and less labor.30s
- Q13Which of these industries has the least elastic supply curve?the entertainment industrythe automobile industrythe nuclear industrythe toy industry30s
- Q14Which of these do producers of an item hope to achieve when adopting new technologies?a shift of the supply curve for that item to the rightinelasticity of supply of that itema shift of the supply curve for that item to the lefta repeal of subsidies for production of that item30s
- Q15At which stage of production does the concept of “diminishing returns” first become significant?Stage IIt is significant throughout the production process.Stage IIIStage II30s
