CH 5 Supply

All of the following can cause an increase in supply EXCEPT?

• a decrease in the cost of inputs.
• fewer sellers in the market place.
• an increase in productivity. 
• a change in taxes or subsidies. 

Increased government regulations can cause the supply curve to?

• shift to the left
• shift to the right
• increase 
• decrease

All of the following are stages of production EXCEPT?

• increasing returns
• diminishing returns
• equaling returns 
• negative returns

The total cost of production is determined by?

• adding fixed and variable costs 
• adding marginal product changes as variable inputs are added.
• the way inputs change in response to business decisions.
• the way output changes independent of input. 

Profit is maximized when 

• marginal cost is less than marginal revenue. 
• marginal cost is equal to marginal revenue. 
• marginal cost is greater than marginal revenue.
• marginal cost is growing at the same rate as marginal revenue. 

Measure of the way in which quantity supplied responds to a change in price 

• supply curve
• supply elasticity 
• supply
• subsidy

A graph showing the various quantities supplied at each and every price that might prevail in the market 

• supply curve
• subsidy 
• supply 
• supply elasticity

A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.

• subsidy
• supply curve
• supply 
• quantity supplied 

How many cup holders are producers willing to supply at a price of $2.50?

• 3,000
• 4,000
• 5,000
• 7,000

How Many cup holders are producers willing to supply at a price of $3.00?

• 3,000
• 4,000
• 5,000
• 7,000