Economics Quiz

A chart showing the quantities offered for sale at each possible price in the market is called a _______.

• average revenue

• supply

• e-commerce

• supply schedule

The principle that more will be offered for sale at higher prices than at lower prices is known as _______.

• marginal cost

• average revenue

• Law of Supply

• supply

• demand

The amount offered for sale at a given price; point on the supply curve is called _______.

• quantity supplied

• production function

• total product

• subsidy

The different amounts offered for sale at each possible price in the market is referred to as _______.

• supply

• average revenue

• e-commerce

• demand

• inventory

A government payment to encourage or protect a certain economic activity is known as a _______.

• average revenue

• subsidy

• marginal cost

• total product

A graph showing how a change in the amount of a single variable input affects total output is called a _______.

• e-commerce

• demand curve

• average revenue

• supply schedule

• production function

The entirety of output or production by a firm is known as _______.

• marginal cost

• total product

• quantity supplied

• supply

The extra expense created by producing one additional unit of production is called _______.

• average revenue

• marginal cost

• subsidy

• e-commerce

The mean price of a unit of output is referred to as _______.

• average revenue

• production function

• supply

• marginal cost

• total product

Which of these industries has the least elastic supply curve?

• the toy industry

• the nuclear industry

• the automobile industry

• the entertainment industry