question
According to the law of supply,
answer
the higher the price the larger the quantity produced
question
A market supply curve shows
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the quantity supplied by producers at different prices.
question
Which of the following businesses has elastic supply?
answer
hair cutting
question
Which of the following is an example of a variable cost?
answer
raw materials
question
The change in output from adding one more worker is the
answer
marginal product of labor
question
Marginal cost is
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the cost of producing one more unit of a good
question
A producer's profits are maximized when
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marginal costs are equal to marginal revenue
question
Which of the following leads to an increase in supply?
answer
a decrease in the cost of raw materials
question
A subsidy is
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a government payment to support a business or market
question
If sells expect the price of a good to rise in the future, they will
answer
store goods now and sell more in the future
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