What does marginal analysis say about making a good or providing a service?

Make the good until marginal cost is equal to revenue

What are the three questions all societies must answer?

What to produce, How to produce, and for Whom to produce

What is a factor that can affect supply?

Cost of production, Number of suppliers

What does a surplus tell you?

There is a good chance to see a sale., The price is too high.

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Duplicate of Ch. 16: Introduction to Economics

12 termsStudBud Administration30 plays

Quiz over Economic Basics #economics #supply #demand #price

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Questions 12

Answers

1
Give an example of a variable cost.
Labor
Rent
Food
Insurance
2
What does marginal analysis say about making a good or providing a service?
Make the good until marginal revenue is less than cost
You should always make the good as long as you can
Make the good as long as marginal revenue is less than cost
Make the good until marginal cost is equal to revenue
3
What is the next best alternative when choosing to do one thing or another?
Opportunity cost
Scarcity
Economics
Trade-off
4
What are the three questions all societies must answer?
Where to produce, How to produce, and for whom to produce
What to produce, Where to produce, and Why to produce
Where to make it, why to buy it, and how to sell it
What to produce, How to produce, and for Whom to produce
5
What is a factor that can affect supply?
Cost of production
Change in consumer income
Equilibrium price stays the same
Number of suppliers
6
Which of the following are part of the definition of demand?
Not willing to buy
Willing to sell
Able to buy
Willing to buy
7
What is the study of how people make difficult decisions with limited resources?
Scarcity
Opportunity cost
Goods
Economics
8
Which economic system are decisions made based upon price?
Command
Socialism
Market
Traditional
9
If the price goes up.....
The supply goes down
The demand goes down
The equilibrium price stays the same.
The demand goes up.
10
Which of the following is a resource?
Labor
Capital
Service
Natural
11
What is an expense that does not change no matter how much a business produces?
Fixed cost
Opportunity cost
Revenue
Variable cost
12
What does a surplus tell you?
There is a good chance to see a sale.
The price is too low.
The company will make more of it.
The price is too high.

Duplicate of Ch. 16: Introduction to Economics Flashcards | StudBud