Economics Principles & Practices

Chapter 5: Supply

Self-Check Quizzes

1
The amount of a product that would be offered for sale at all possible prices that could prevail in the market is called _______.
A)supply
B)demand
C)scarcity
D)market product
2
From the quantities offered at various prices by all firms, you can derive _______.
A)the demand supply curve
B)the market supply curve
C)the individual demand curve
D)the individual supply curve
3
The _______ schedule is a listing that shows the various quantities of a particular product supplied at all possible prices in the market.
A)product quantity
B)demand
C)supply
D)scarcity
4
For a decrease in supply to occur, less would be offered for sale at each and every price, and the supply curve would _______.
A)shift downward
B)remain the same
C)shift to the left
D)shift to the right
5
The three stages of production are Stage I: _______, Stage II: _______, and Stage III: _______.
A)increasing returns, diminishing returns, negative returns
B)diminishing returns, negative returns, increasing returns
C)increasing returns, negative returns, diminishing returns
D)negative returns, diminishing returns, increasing returns
6
The theory of _______ deals with the relationship between the factors of production and the output of goods and services.
A)scarcity
B)production
C)opportunity cost
D)economics
7
One kind of cost is _______ cost, the cost that a business incurs even if the plant is idle and output is zero.
A)fixed
B)variable
C)marginal
D)total
8
The most important measure of revenue is _______ revenue, the extra revenue associated with the production and sale of one additional unit of output.
A)extra
B)variable
C)marginal
D)additional
9
As more workers are added, the business reaches the _______ point, the total output or total product the business needs to sell in order to cover its total costs.
A)break-even
B)profit-maximizing
C)profit-minimizing
D)total cost
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