Econ Chapter 5 Quiz!

Which of these industries has the least elastic supply curve?

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

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

​entirety of output or production by a firm

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

What would a producer do if total revenue on an item began to drop?

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

Which of these describes an effect of increased government regulation on producers?

average price of a unit sold times the quantity sold

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

​amount offered for sale at a given price point on the supply curve

​extra expense created by producing one additional unit of production

additional expense of producing one additional unit

​​business conducted over the Internet

level of production needed for a firm to recover its costs

​​principle that more will be offered for sale at higher prices than at lower prices

Which term is generally associated with hourly labor and raw materials?

additional revenue generated from the sale of a single unit

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

mean price of a unit of output

the mean price of a unit of output

the change in total income when one additional unit of output is added?

Which of these can be added to determine total costs?

​government payment to encourage or protect a certain economic activity

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

Factors that can cause a change in supply include