Economics #4/5

What is the fee paid for a business license.

• Fixed cost

• Variable cost

What is the amount paid for electricity to operate production machinery?

• Fixed cost

• Variable cost

What is the amount paid in wages to production workers?

• Fixed cost

• Variable cost

What is the rent paid for your office space?

• Fixed cost

• Variable cost

What is the supply of houses?

• elastic

• inelastic

What is the supply of tickets for a professional soccer game?

• elastic

• inelastic

What is the supply for the service such as car washing?

• elastic

• inelastic

Every unit of the good sold in the market is identical, regardless of which firm is selling it.

• Perfect competition

• Not-perfect competition

Consumers find it difficult to obtain information about the prices being charged by various firms in the market and therefore have great difficulty shopping.

• Perfect competition

• Non-perfect competition

How does the number of pencil producers effect the supply of pencils?

• Increases supply

• Decreases supply

• Supply has no change