Supply Vocabulary

Supply Vocabulary

12th Grade

18 Qs

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Supply Vocabulary

Supply Vocabulary

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Michelle Moore

Used 11+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

This is the change in the amount offered for sale in response to a change in price.

Law of Supply

Supply elasticity

Change in quantity supplied

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

At what level of production does marginal cost and marginal revenue equal?

Break-even point

Diminishing returns

Profit-maximizing quantity of output

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is it when price and quantity supplied are directly related to each other?

Diminishing returns

Fixed Cost

Law of Supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

This shows how total output changes when the amount of a single variable input changes while all other inputs are held constant.

Production function

Diminishing returns

Supply curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is a graph that shows the various quantities a single firm might supply at all possible prices in the market?

Law of Supply

Supply curve

Supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the EXTRA revenue from the sale of one additional unit of production/output?

Total revenue

Marginal revenue

Marginal product

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the measure of the degree to which the quantity supplied responds to a change in price?

Change in supply

Break-even point

Supply elasticity

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