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Ch 5 Supply Test

Enter the letter for the matching Answer
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1.
The quantity of a good supplied in a given time period is usually directly related to its price, other things constant
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2.
A firm’s total output
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3.
If the government imposes strict rules on how many farmers may produce blueberries, what would happen to the supply of blueberries?
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4.
Open a small shop that sells chocolates. Your monthly fixed costs total $2,500. You pay one employee $1,000 per month and your total revenue from sales last month was $3,000. Should you continue to operate your business or shut it down? Explain.
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5.
Fixed cost plus variable cost; the cost of all resources used by the firm
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6.
The rising portion of a firm’s marginal cost curve at or above the price that will allow the firm to cover variable cost
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7.
A measure of the responsiveness of quantity supplied to a price change; the percentage change in quantity supplied divided by the percentage change in price
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8.
As more of a variable resource is added to a given amount of fixed resources, marginal product eventually declines and could become negative
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9.
Change in quantity supplied resulting from a change in the price of the goods, other things constant
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10.
Increase or decrease in supply resulting from a change in one of the determinants of supply other than the price of a good
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11.
Why are there no fixed costs in the long run?
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12.
A new machine that decreases the time it takes to produce a specific airplane engine part is introduced to the market. What would most likely happen to the supply of this part?
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13.
The lowest average cost of production at each rate of output when the firm’s size is allowed to vary
A.
Law of Supply
B.
Yes. Your monthly costs are $3,500 and you make $3,000
C.
Reduces cost of production, supply curve shifts right
D.
Law of diminishing returns
E.
All inputs can be varied (i.e. building expands, depression, etc)
F.
Elasticity of supply
G.
Prices rise, supply increase
H.
Long-run average curve cost
I.
Total cost
J.
Competitive firm's supply curve
K.
Movement along a supply curve
L.
Shift of a supply curve
M.
Total product
Type the Answer that corresponds to the displayed Question.
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14.
Any production cost that is independent of firms output
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15.
Forces that reduce a firm’s average cost as the firm’s size, or scale, increases in the long run
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16.
A relation showing the quantities of a good producers are willing and able to sell at various prices during a given period, other things constant
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17.
A period during which at least one of a firm’s resources is fixed
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18.
Any production cost that changes as output changes
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19.
The change in total product resulting from a one-unit change in a particular resource, all other things constant
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20.
A period during which all resources can be varied
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21.
The change in total revenue from selling another unit of good
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22.
The change in total cost resulting from a one-unit change in output; the change in total cost divided by the change in output
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23.
A curve or line showing the quantities or a particular good supplied at various prices during a given time period, other things constant

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