A market supply schedule shows the relationship between:

prices and the total quantity supplied by all firms in a market

How is future prices related to current demand?

if the price is expected to rise, current demand will rise

Which of the following best describes the ideal level of output?

Marginal revenue is equal to marginal cost

A shortage will develop when

The market price is below the equilibrium price

What happens when the supply of a nonperishable good is greater than the consumer wants to buy?

Either the good remains unsold or the price drops

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chapter 5

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Questions 17

Answers

1
_____ is the cost of operating a facility, such as a store or factory.
total cost
Marginal cost
Marginal revenue
Operating cost
2
____ is the cost of operating a facility, such as a store orr factory.
Marginal revenue
Marginal cost
total cost
Operating cost
3
A graph of the quantity supplied of a good at differnet prices is known as?
Market supply schedule
supply curve
Elasticity of supply
market supply curve
4
All of the following are examples of variable costs except_____
Electricity
Rent
heat
labor
5
what categories of costs combine to create a firm's total cost?
Facility costs
Fixed and variable cost
Salary and facilities
Fixed and defined cost
6
According to the ____, the higher the price, the larger the quantity produced?
Elasticity of supply
supply curve
Inelasticity of supply
law of supply
7
Which of the following is an example of supply?
1000 profit from selling 100 oranges
100 oranges
Pizza costs 50 cents
Purchasing 100 oranges
8
Which of the following is not a form of government influences in supply?
Regulation
Subsidies
Taxes
Advanced technology
9
_____ is government intervention in a market that affects the production of a good.
Regulation
Inflation
Excise tax
Subsidies
10
A market supply schedule shows the relationship between:
Demand and the total supplied by one market
Demand and total quantity supplied by all firms in a market
prices and the total quantity supplied by all firms in a market
prices and the total quantity supplied by one company in a market
11
A manager is essential to a company therefore it would be a ____ cost.
Variable
Marginal
Interchanging
Fixed
12
How is future prices related to current demand?
If the price is expected to rise, current demand will drop
Future price is not related to current demand
If the price is expected to fall, current demand will rise
if the price is expected to rise, current demand will rise
13
The change in output from hiring one more worker is known as ____
Marginal product of labor
Increasing marginal return
Labor output
Diminishing marginal return
14
Which of the following best describes the ideal level of output?
Marginal revenue is equal to marginal cost
Marginal revenue is more than total cost
Marginal revenue is less than total cost
Mariginal revenue is more than margiinal cost
15
A shortage will develop when
The market price is below the equilibrium price
the quantity supplied of a good is a greater than the quantity demand
the quilibrium quantity quantity supplied is lower than the actual quantity
the government provides subsidies to producers
16
What happens when the supply of a nonperishable good is greater than the consumer wants to buy?
Either the good is saved for later or the price is raised
The good becomes a luxury and the price rises
Either the good remains unsold or the price drops
The good is discarded
17
An item that we want but is not nevessary for survival is known as?
Scarcity
Want
Economics
Need

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