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Topic 3B: Supply Flashcards | StudBud
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Topic 3B: Supply
Topic 3B: Supply
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Test Review of Supply, elasticity, etc.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which of the following would cause a supply curve to shift
right
?
An excise tax
An increase in input costs
Government farm subsidies
2
Which of the following goods would have
inelastic
supply?
Pencils
Potato chips
Pears
3
Which of the following is most likely to have
elastic
supply?
Cranberries
Brain surgery
Landscaping services
4
When the price of a good goes down, what TWO actions do producers take?
existing producers produce less
existing producers leave the market
new producers enter the market
existing producers produce more
5
The amount of a good producers are
willing
and
able
to provide over a range of prices is
Supply
Quantity supplied
Supply Schedule
6
What do we call the additional income from selling one more unit?
total revenue
fixed revenue
marginal revenue
variable revenue
7
The law of supply says that the supply of gasoline will __ if the price of gasoline increases?
cease
stay the same
increase
decrease
8
The table showing quantity supplied over the range of prices is a
supply curve
supply schedule
quantity supplied
supply
9
How does specialization affect production?
It increases costs.
It makes workers more efficient.
It slows down production.
It decreases revenue.
10
To maximize profit you would increase production until what happens?
marginal product of labor = marginal revenue
Total profit = marginal profit
Marginal Revenue = Marginal Cost
11
The price of headphones rises so producers produce more headphones this is an example of
Law of supply
Supply schedule
Supply curve
12
What do we call the additional expenses of producing one more unit?
marginal costs
total costs
variable costs
fixed costs
13
The most important factor in determining elasticity of supply is
Availability of substitutes
Necessity vs. Luxury
Time
14
Which direction would the SuppCur shift if there were an increase in the number of suppliers?
down
right
left
up
15
When total output is decreasing you are experiencing
Diminishing returns
Negative returns
Increasing returns
16
When the price of a good goes up, what TWO actions do producers take?
new producers enter the market
existing producers produce more
existing producers produce less
existing producers leave the market
17
The amount of a good producers are
willing
and
able
to provide over a range of prices is
Supply
Supply Schedule
Quantity supplied
18
When the
marginal product of labor
decreases you are experiencing
Diminishing returns
Increasing returns
Negative returns
19
What do we call the measure of how producers react to a change in price?
elasticity of supply
elastic demand
elasticity of demand
inelastic demand
20
What do we call expenses that can change with changes in production?
variable costs
marginal costs
total costs
fixed costs
