Economic Test Review #3

Which term denotes the change in total income when on additional unit of output is added

Which of these do producers of an item hope to achieve when adopting new technologies

At which stage of production does the concept of “diminishing returns” first become significant

Which of these best describes the influence of high prices on the behavior of producers

At which point in stages of production does max profitable # of workers become most apparent

Entirety of output or production by a firm

Which would an item’s producer be most likely to do if total revenue on that item began to drop

1. Which of these industries has the least elastic supply curve

The different amounts offered for sale at each possible price in the market

1. Principle that more will be offered for sale at higher prices than at lower prices

Government payment to encourage or protect a certain economic activity

Which two terms are the most similar in meaning

1. Which term is generally associated with machines and other capital goods

Mean price of a unit or output

business conducted over the Internet

Extra expense created by producing one additional unit of production

A chart showing the quantities offered for sale at each possible price in the market

Graph showing how a change in the amount of a single variable input affects total output

Amount offered for sale at a given price; point on the supply curve

Which of these best enables a firm to establish its profit-maximizing quantity of output