Chapter 5: what is a supply

Question 1

Which of thse could a firm accomplish during a short run production period?

Accepted Answer

Hiring and firing of workers

Question 2

What risk does a firm take by neglecting to do periodic Marginal analyses?

Accepted Answer

It may lose track of its profitmaximizing quantity of output

Question 3

Which of these results from the repeal of an item's subsidies?

Accepted Answer

A leftward shift of that item's supply curve

Question 4

Quantity supplied increases when the price ___

Accepted Answer

Goes up/increases

Question 5

Which of these is the best description of a normal supply curve?

Accepted Answer

Its slope goes up when the diagram is read from left toright

Question 6

Additional expense of producing once additional unit

Accepted Answer

Marginal cost

Question 7

Which of thse is an example of a fixed cost?

Accepted Answer

Depreciation of capital goods

Question 8

Additional revenue generated from the sale of a single unit

Accepted Answer

Marginal revenue

Question 9

A graph that shows the quantities supplied at each every possible price in__ is supply curve

Accepted Answer

Market

Question 10

Which terms describe costs that are incurred regardless of a firm's rate production?

Accepted Answer

Fixed cost and overhead

Question 11

Movement along the supply curve measures a change in _____ supplied

Accepted Answer

Quantity

Question 12

Over which of these does a producer have the most direct control?

Accepted Answer

Variable cost

Question 13

When a firm's rate of hiring likely to be highest?

Accepted Answer

During a phase of increasing Marginal returns

Question 14

___ Refers to the amount of a product offered for sale at all possible prices in a market.

Accepted Answer

Supply

Question 15

Level of production needed for a firm to recover it's cost

Accepted Answer

Break even point

Question 16

A producer's marginal product and total product are generally the same amount

Accepted Answer

False

Question 17

Charges to variable and fixed input are easiest during a long-run production period.

Accepted Answer

True

Question 18

Which of these is true of both an individual supply curve and a market supply curve?

Accepted Answer

change quantitysupplied take place only where is changeprice

Question 19

The mean price of a unit of output

Accepted Answer

Average revenue

Question 20

The 3 stage of production is distinguished by an increase in output

Accepted Answer

False

Question 21

Average price of a unit sold times the quantity sold

Accepted Answer

Total revenue

Question 22

The stages of production are distinguished by their marginal products?

Accepted Answer

True

Question 23

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

Accepted Answer

They are an incentive for producers to produce more.

Question 24

A_____ is a payment to an individual,business to encourage or protect a certain type of economy

Accepted Answer

Subsidy

Question 25

Which of thse is an example of a variable cost?

Accepted Answer

Raw materials

Question 26

Labor in a factory is an example of which of these?

Accepted Answer

A diminishing return

Question 27

In the short run the amount of capital available for manufacturing is an example of which ?

Accepted Answer

A variable factor of production

Question 28

Which of thse can be illustrated with a production function?

Accepted Answer

Effect of an increase in work hours on total output

Question 29

Which of these names the way in which producers regard taxes?

Accepted Answer

As part of the cost of production

Question 30

The stages of production measure the effects of workforce size on marginal product

Accepted Answer

True

Chapter 5: what is a supply

Questions 30

Chapter 5: what is a supply

Questions 30