Home Library Explore SAT

Home Library Explore SAT

Chapter 5 Supply Flashcards | StudBud

Explore/Chapter 5 Supply

As more of a variable resource is added, marginal product eventually declines, this is know as:

The supply curve is ___________________ sloped

Chapter 5 Supply

10 terms·StudBud Administration·68 plays

Imported from external platform

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
The supply curve is ___________________ sloped
horizontally
positively
negatively
vertically
2
As more of a variable resource is added, marginal product eventually declines, this is know as:
Diseconomies of scale
The law of supply
The law of diminishing returns
Constant returns to scale
3
The elasticity of supply is typically _______ the longer the period of adjustment.
smaller
unchanged
negative
greater
4
Any production cost that changes as output changes
variable cost
short run cost
fixed cost
marginal cost
5
Profit =
marginal product - marginal cost
marginal cost - revenue
total cost - total revenue
total revenue - total cost
6
A period of time during which at least one of a firm's resources is fixed
Short run
Long run
None of the above
Variable time
7
Which of the following will result in a movement along the demand curve?
a change in the price of the good
a change in the price of related goods
an increase in the price of a resource
a producer expects the price of the good to decrease soon
8
What is the formula for elasticity of supply?
% change in quantity supplied / % change in price
% change in price / % change in quantity supplied
% change in supply / % change in demand
% change in demand / % change in supply
9
Which of the following is not a determinant of supply?
producer expectations
Technology used to make the good
Consumer expectations
number of sellers in the market
10
A producer's ___?___ is the change in its total revenue from selling one more unit of a product
marginal product
marginal revenue
total product
elasticity