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Economics chp 4

Authored by Karen Weets

Social Studies

11th - 12th Grade

Used 81+ times

Economics chp 4
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24 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the this law, producers will supply fewer goods at lower prices & more goods at higher prices

Demand

Supply

elasticity

diminishing returns

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total fixed costs of a company

total output

total product

overhead

over production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The key motivation behind suppliers' behavior in providing goods to the marketplace

price

productivity

efficiency

profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The costs of producing one more unit of output

marginal costs

variable costs

fixed costs

total costs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a change in a good's price has little impact on the amount supplied, the supply is said to be

shifting

elastic

unchanging

inelastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The change in output that occurs as a result of adding one more unit of input

marginal product

total product

product market

depreciation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Workers' wages are an example of

variable costs

fixed costs

total costs

marginal costs

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