WorksheetsBearcat Supply
Total questions: 20
Worksheet time: 10mins
New robot increase efficiency for Autos
Cost of Steel decreases
A tax on the production or sale of a good.
sales tax
excise tax
income tax
property tax
This type of cost rises or falls depending on the quantity produced.
Fixed cost
Variable cost
Total cost
Marginal cost
The additional income a producer receives from selling one more good, sometimes equal to price
Marginal Revenue
Marginal Cost
Marginal Return
Total Revenue
When the marginal product of labor decreases as the number of workers increases.
Stage 1
Increasing Marginal Returns
Diminishing Marginal Returns
Negative Marginal Returns
A sudden increase in fuel costs sparks a rise in both prices and demand for fuel efficient cars, but, it takes months for car makers to respond. to this increased demand. In this case, the supply for cars is...
elastic
inelastic
unit elastic
static
Fixed costs for a business would include...
raw materials
fuel
wages
rent
Which of the following events would indicate movement along a supply curve?
New laws restricting production
workers go on strike
manufacturers raise the price of their product
producers expect prices to rise during the holiday season
What happens if your fixed costs are $200 a day and your variable coast are $100 a day and you close your business?
fixed and variable costs stay the same
you would pay $0 dollars in fixed costs but would still pay $100 a day in variable costs
You will have $0 dollars in fixed or variable cost
You will still have to pay $200 a day in fixed costs but pay $0 dollars in variable costs
The invention of the airplane would be classified as what type of determinant or shifter of supply.
technology
subsidies
excise tax
producer expectation
Your company decides to advertise using social media and email. How will this affect your company?
costs will drop but supply will remain the same
supply and costs will both decrease
it should lower costs and increase supply
supply will rise and your costs will increase also
