Chapter 3 Test - Supply - Honors - Belanger

A cost that goes goes up and down depending on how much of a good is made.

• Fixed Cost
• Variable Cost
• Marginal Product of Labor
• Marginal Cost

A cost that does not change no matter how much is produced.

• Fixed Cost
• Variable Cost
• Marginal Product of Labor
• Marginal Cost

The additional cost of producing one more unit.

• Fixed Cost
• Variable Cost
• Marginal Product of Labor
• Marginal Cost

Fixed costs plus variable costs

• Diminishing Cost
• Increasing Cost
• Marginal Product of Labor
• Total Cost

Adding one more worker increases total output, but a lower rate than the previous worker.

• Marginal Revenue
• Marginal Cost
• Marginal Product of Labor
• Diminishing Marginal Return

The change in output that comes from adding one more worker.

• Marginal Revenue
• Marginal Cost
• Marginal Product of Labor
• Diminishing Marginal Return

The extra income from selling one more unit

• Marginal Revenue
• Marginal Cost
• Marginal Product of Labor
• Diminishing Marginal Return

How is profit determined?

• Total revenue plus total costs
• Marginal revenue plus marginal costs
• Total revenue minus total costs
• Marginal revenue minus marginal costs

Amount of goods available in the entire market

• Elasticity of Supply
• Supply
• Subsidy
• Supply Curve

How much the quantity supplied changes when the price goes up or down.

• Elasticity of Supply
• Supply
• Subsidy
• Supply Curve