Econ Ch 5

Which of the following would be an example of a change in the short run for a car factory

P $1 → $2, Q_s 2→6

The total output needed to cover total cost

The amount of a product that would be offered at all prices.

Which of the following demonstrates the law of supply (choose any that apply)

Total income after accounting for all costs of production.

A firm is operating with negative returns if overall output ________ with additional resources.

Interaction between _____________ and demand determines the final price of a product.

Total money brought in from the selling of a product or service.

Which of the following is NOT an example of a variable cost?

Which of the following is NOT capable to changing supply at all prices

Elasticity is determined entirely by a product's __________________.

P $1 → $2, Q_s 2→4

P $1 → $2, Q_s 2→3

This is a typical supply curve.

Which of the following would be an example of a change in the long run for a car factory

This is a typical supply curve.

Which of the following shows how output is affected as more units of input are added?

A period of production that only allows for changes in labor

Suppliers will normally offer more at higher prices/less at lower

Producers react to a change in ________ in the market.

A period long enough to adjust all factors of production

Which of the following is not one of the 3 stages of production?

A government payment to a firm to encourage a specific activity

Decision making that compares extra revenue to extra cost.

Which of the following is NOT an example of a fixed cost?

When marginal revenue is equivalent to marginal cost.

Firms make decisions based on _________.

A cost that a firm incurs that changes with the rate of output.

This is a typical supply curve.