Supply Quiz Review

A graphical representation of all businesses in an area

• Supply Curve

• Individual Supply Schedule

• Market Supply Schedule

• Markey Demand Schedule

A cost that does not change no matter how much of a good or service is produced.

• Variable Cost

• Fixed Cost

• Total Cost

• Revenue

The level of production in which the marginal product of labor increases as the number of workers increases.

• Increasing Marginal Return

• Negative Marginal Return

• Diminishing Marginal Return

• Marginal Return

When producers offer more of a good as its price increases and less as its price falls.

The amount of a good or service that is available

• Cost

• Demand

• Profit

• Supply

How might an economist show one consequence of a wildfire putting a major lumber producer out of business in a graph?

• a supply curve that has shifted to the right

• a supply curve that has shifted to the left

• a demand curve that has shifted to the right

• a demand curve that has shifted to the left

Which of the following price/output points would be found on the market supply schedule used to create the market supply curve below? $1.00 / 100 $3.00 / 200 $1.00 / 1,000 $2.00 / 2,000

• $1.00 / 100

• $3.00 / 200

• $1.00 / 1,000

• $2.00 / 2,000

How does the addition of the fifth worker affect the number of beanbags produced per hour?

(If we are starting from 0 beanbags)

• It increases production by five beanbags.

• It decreases production by five beanbags.

• It increases marginal returns by one beanbag.

• It decreases marginal returns by two beanbags.

Based on this graph, after adding the eighth worker, what is the beanbag company's owner MOST LIKELY going to do?

• order more beans for making beanbags

• order more cloth for making beanbags

• reduce the workforce

• hire more workers

How would a new government subsidy for soybean farmers affect the market for soybeans?

• It would increase the supply by decreasing soybean farmers' production costs.

• It would increase the supply by increasing the demand for soybeans.

• It would decrease the supply by increasing soybean farmers' production costs.

• It would decrease the supply by encouraging farmers to grow another grain.