Supply & Costs of Production

A market supply schedule shows the relationship between _________________

• demand and the total supplied by one market

• prices and the total quantity supplied by all firms in a market

• prices and the total quantity supplied by 1 company in a market

A graph of the quantity supplied of a good at different prices is known as ________________

• Market Supply Curve

• Elasticity of Supply

• Market Supply Schedule

• Supply Curve

Which of the following is an example of supply?

• 100 oranges

• purchasing 100 oranges

• pizza costs 50 cents

• $1,000 profit from selling 100 oranges

According to the ___________________, the higher the price, the larger the quantity produced?

• Elasticity of Supply

• Law of supply

• Inelasticity of Supply

• Supply Curve

An item that we want but is not necessary for survival is known as ___________

• economics

• scarcity

• want

• need

Which is NOT an example of variable costs.

• rent

• electricity

• labor

• heat

Which of the following best describes the ideal level of output?

• marginal revenue is more than marginal cost

• marginal revenue is equal to marginal cost

• marginal revenue is less than marginal cost

The cost of operating a facility such as a store or factory is what?

• marginal revenue

• operating cost

• marginal cost

• total cost

A manager is essential to a company therefore it would be a ___________cost.

• fixed

• variable

The change in output from hiring one more worker is known as ______________

• labor output

• increasing marginal return

• marginal product of labor

• diminishing marginal return