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Supply Quiz Review

Quiz by Mr Scott

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37 questions
Show answers
  • Q1
    ...Measures how suppliers respond to a change in price
    Marginal Product of Labor
    Elasticity of Supply
    Regulation
    Operating Cost
    30s
  • Q2
    ...Level of output at which the marginal product of labor decreases as the number of workers increases
    Supply Curve
    Variable
    Diminishing Marginal Returns
    Increasing Marginal Returns
    30s
  • Q3
    ...Change in output from hiring one additional unit of labor (worker)
    Total Cost
    Subsidy
    Marginal Product of Labor
    Marginal Revenue
    30s
  • Q4
    ...Sum of fixed costs plus variable costs
    Total Revenue
    Total Cost
    Marginal Revenue
    Marginal Cost
    30s
  • Q5
    ...Additional income from selling one more unit of a good; sometimes equal to price
    Marginal Revenue
    Average Cost
    Total Cost
    Marginal Cost
    30s
  • Q6
    ...Level of output in which the marginal product of labor increases as the number of workers increases
    Supply Schedule
    Diminishing Marginal Returns
    Increasing Marginal Returns
    Regulation
    30s
  • Q7
    ...Government payment that supports a business or market
    Regulation
    Supply Schedule
    Excise Tax
    Subsidy
    30s
  • Q8
    ...Amount of goods a producer is able and willing to make available
    Supply
    Demand
    30s
  • Q9
    ...Chart that lists how much of a good a supplier will offer at various prices
    Supply Curve
    Law of Supply
    Supply Schedule
    Elasticity of Supply
    30s
  • Q10
    ...Tax on the production or sale of a good
    Subsidy
    Fixed Cost
    Supply Curve
    Excise Tax
    30s
  • Q11
    ...Any factor that can change
    Total Cost
    Subsidy
    Variable
    Operating Cost
    30s
  • Q12
    ...Government intervention into a market that affects production
    Marginal Revenue
    Regulation
    Fixed Cost
    Total Revenue
    30s
  • Q13
    ...Idea that producers will offer more of a good as its price increases, and less as it falls
    Subsidy
    Marginal Revenue
    Law of Supply
    Marginal Product of Labor
    30s
  • Q14
    ...Cost that rises or falls depending on quantity produced
    Fixed Cost
    Marginal Cost
    Variable Cost
    Elasticity of Supply
    30s
  • Q15
    Cost that does not change no matter how much of a good is produced
    Variable Cost
    Supply Schedule
    Fixed Cost
    Marginal Cost
    30s

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