Chapter 7 - Economics - Supply

Total quantity of a product or service that all firms in a market make available for sale at various prices is known as....

• Total product
• Average product
• Marginal product
• Market supply

A period during which the amounts of all inputs can be changed is....

• the long run
• the short run
• time period
• returns to scale

The human factor of production is

• Capital
• Land
• Labor
• All of these

? measures the responsiveness of the quantity supplied to changes in the product's price.

• Price elasticity of supply
• Price elasticity of demand
• Inelastic supply
• the factors of production

All the units of a product produced in a give period of time is called....

• Average Product
• Total Product
• Marginal Product
• None of these

Anything used to produce a good or service is...

• Labor
• Factor of Production
• Capital
• a change in elasticity

A change in quantity supplied is caused by:

• a change in technology
• a change in the cost of an input
• the price elasticity of supply
• a change in the price of the produced good

When doubling all inputs produces less than double the output, a firm is said to be experiencing:

• constant returns to scale
• increasing returns to scale
• decreasing returns to scale
• payments to the factors of production

The law of supply states that the quantity of goods supplied will be greater at a higher price than it will at a lower price.

• True
• False

Opportunity costs are payments to others as a cost of running a business.

• True
• False