Usually rises as the rate of production increases

The demand for a good is elastic when

total revenue increases with decreased price

Company A can produce a product at a constant marginal cost. This means that....

Total cost rises same amount each time it goes up one unit

If the price of water increases

The demand for water-saving shower heads will shift right

A supply curve shows that in a market economy consumers get more of a product by...

Offering producers more money for a product

Producers usually sell more at higher prices than lower prices because...

Their marginal cost usually rise as they increase production

If bad weather destroys most of the Halloween pumpkin crop, then....

Growers will offer fewer pumpkins at each and every price

studbud

JA economics ch4 supply quiz

11 termsStudBud Administration18 plays

econsupplyquiz

Flashcards11 cardsFPractice quizPHost liveL

Questions 11

Answers

1
Marginal Cost
Exists when the price effect is substantial
Usually rises as the rate of production increases
People want to sell less of a product at all prices
Can cause today's supply curve to shift to the left
2
The demand for a good is elastic when
Price changes have no effect on total revenue
total revenue increases with decreased price
The demand curve shifts to the right
total revenue decreases with decrease in price
3
Company A can produce a product at a constant marginal cost. This means that....
None of the Above
The total cost does not rise as it increases production
The company can earn profit no matter what price it charges
Total cost rises same amount each time it goes up one unit
4
Which is likely to have the most inelastic demand
Broccoli
Chocolate covered donuts
Salt
Home Computers
5
If the price of water increases
The demand for water will shift to the left
The demand for water-saving shower heads will shift right
A demand for desert landscaping will shift to the left
Demand for bath soap will shift to the right
6
If the price of beef rises and stays at a high level, then over time the supply of beef...
Remains unchanged
Shifts to the left
Becomes more elastic
More inelastic because producers get used to the high prices
7
When something is produced there is always.....
A buyer
An elastic supply
A profit
An opportunity cost
8
A supply curve shows that in a market economy consumers get more of a product by...
Writing letters to convince business to increase production
Offering producers more money for a product
Having government force businesses to produce more
Paying lower prices until producers give them what they want
9
Which of the following would not shift the supply curve of a car wash to the right?
Workers become able to wash more cars per hour than before
introducing more efficient washing & drying equipment
The price of water goes up
The number of car-washing businesses increases
10
Producers usually sell more at higher prices than lower prices because...
Their marginal costs usually drop as production increases
They don't have to worry about marginal production costs
They want excess profit that comes from producing too much
Their marginal cost usually rise as they increase production
11
If bad weather destroys most of the Halloween pumpkin crop, then....
Growers will offer fewer pumpkins at each and every price
The price effect will cause them to sell less for less money
Both of the above
None of the above

JA economics ch4 supply quiz Flashcards | StudBud