Econ 23

Econ 23

12th Grade

79 Qs

quiz-placeholder

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Econ 23

Econ 23

Assessment

Quiz

Social Studies

12th Grade

Medium

Used 1+ times

FREE Resource

79 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Usually Rises as the rate of production increases.
Marginal Cost
Entrepreneurship
Market Competitionfor option 3 (optional)
Decrease
Rhule

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The various amounts of something a producer is willing and able to sell at different possible prices.
Supply
Marginal Cost
Entrepreneurship
Price System
suppy

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Exists when the price effect is substantial.
Elastic Supply
Supply
Marginal Cost
Market Competition
Price effect

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

People want to sell less of a product at all possible prices.
Decrease in Supply
Elastic Supply
Supply
Marginal Cost
Market Competition

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Producers want to sell more at higher prices than at lower prices.
Price Effect
Decrease in Supply
Elastic Supply
Supply
Marginal Cost

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Exists when the price effect is small.
=- Inelastic Supply
Price Effect
Decrease in Supply
Elastic Supply
Supply

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

=- A product is produced at A constant marginal cost when
the company's total cost rises by the same amount every time it increases production by one unit.
=- Inelastic Supply
Price Effect
Decrease in Supply
Elastic Supply

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