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Ag. Econ Chapter 8

Authored by Jimmy Hinson

Other

10th - 12th Grade

Used 4+ times

Ag. Econ Chapter 8
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount by which the quantity demanded at a given price exceeds the quantity supplied.

Commodity shortage
Commodity surplus
Producer surplus
Consumer surplus

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Percentage change in quantity supplied with respect to a percentage change in the price of the producer.

Firm supply curve
Market supply curve
Elasticity of supply
Total Economic Surplus

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business is said to be a ___________ when its actions have absolutely no effect on the price of the input it is buying or the price of the product it is selling.

Producer Surplus
Price taker
Monoply
Firm supply curve

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount by which the quantity supplied at a given price exceeds the quantity demanded

Producer Surplus
Consumer Surplus
Commodity Shortage
Commodity Surplus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Represented by the segment of the firm’s marginal cost curve that lies above the average variable cost curve or shutdown level of output.

Firm Supply Curve
Elasticity of Supply
Total Economic Surplus
Market Supply Curve

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A measure of the economic rent or returns above total costs accruing businesses participating in a market during the current period.

Consumer Surplus
Commodity Shortage
Firm Supply Curve
Producer Surplus

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A measure of the savings achieved by consumers at the current market price from the price they would have been willing to pay for a specific quantity of a good or service. Consumer surplus is equal to the area below the market demand curve and above the market equilibrium price.

Commodity Shortage
Producer surplus
Consumer Surplus
Market Supply Curve

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