When producers offer fewer products for sale dat each and every price

the supply curve has shifted left

when price increases, how will quantity supplied and quantity demanded change

supply increase and demand decrease

profit maximization occurs when

marginal cost = marginal revenue

e-commerce is beneficial because it

lowers fixed costs and provides real time info

what happens to quantity supplied and quantity demanded at the new equilibrium price

both quantity supplied and quantity demanded increase

this image is showing a(n)

increase in supply and decrease in price

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Chapter 5 and 6 economics with financial literacy

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chapter 5 and 6 economics with financial literacy

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Questions 20

Answers

1
If deficiency payments were eliminated, output would ....
decrease
unknown
remain the same
increase
2
if the price of an item is above the equilibrium price, _____ is created
marginal benefit
shortage
profit
surplus
3
"break even" occurs for a business when...
total cost = marginal revenue
marginal cost = marginal revenue
variable cost = fixed cost
total cost = total revenue
4
When producers offer fewer products for sale dat each and every price
businesses are obtaining subsidies
the supply curve has shifted left
the supply curve has shifted right
the price per unit has decreased
5
"break even" typically occurs in what stage
2
4
3
1
6
when price increases, how will quantity supplied and quantity demanded change
supply increase and demand decrease
supply decrease and demand increase
supply decrease and demand decrease
supply increase and demand increase
7
which stage does a product typically "slow down" production
stage 4
stage 3
stage 1
stage 2
8
the total cost is
fixed cost + marginal cost
variable cost + productive cost
fixed cost + variable cost
variable cost + marginal cost
9
which will cause the supply curve to shift right?
decrease government regulation
decrease number of sellers
increase taxes
decrease government subsidies
10
what is created at a price of $1
shortage
equilibrium
surplus
11
deficiency payments are a form of
farm subsidy
dis-equilibrium
minimum wage
break even payment
12
profit maximization occurs when
marginal cost = marginal revenue
total cost = total revenue
fixed costs = marginal cost
marginal revenue = variable cost
13
this image is showing
increase in quantity supplied
increase in supply
decrease in quantity supplied
decrease in supply
14
which is an example of a fixed cost
raw material
rent
labor
electricity
15
competitive market economies
are common in our society
alway have an inventory surplus
can run themselves
need government intervention
16
e-commerce is beneficial because it
lowers fixed cost and provides electronic commercials
raises total costs but provided convenience to the consumer
lowers fixed costs and provides real time info
lowers variable production costs and provides real time info
17
minimum wage is a societal way of showing
economic equality
high consumer confidence
high profit motive
economic efficiency
18
what is the equilibrium price
$3
$0
$7
$5
19
what happens to quantity supplied and quantity demanded at the new equilibrium price
quantity supplied decreases, quantity demanded increases
both quantity supplied and quantity demanded increase
both quantity supplied and quantity demanded decrease
quantity supplied increases, quantity demanded decreases
20
this image is showing a(n)
increase in supply and decrease in price
increase in supply and increase in price
decrease in supply and increase in price
decrease in supply and decrease in price

Chapter 5 and 6 economics with financial literacy Flashcards | StudBud