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Econ Chapter 5; Section 1-2 Quiz
Created by jrogers
- 1. Supply schedule
- 2. market supply curve
- 3. increasing return
- 4. variable cost
- 5. Profit-maximizing output
- a. is the level of production at which a business realizes the greatest amount of profit
- b. depends on the level of production output
- c. list how much of a good or service an individual producer is willing and able to offer for sale at each price
- d. occurs when hiring new workers causes marginal product to increase
- e. it shows how much of a good or service all of producers in a market are willing and able to offer for sale at each price
Name: ___________________________________
Date: ___________________________________
Date: ___________________________________
Econ Chapter 5; Section 1-2 Quiz (Answer Key)
Created by jrogers
- c 1. Supply schedule
- e 2. market supply curve
- d 3. increasing return
- b 4. variable cost
- a 5. Profit-maximizing output
- a. is the level of production at which a business realizes the greatest amount of profit
- b. depends on the level of production output
- c. list how much of a good or service an individual producer is willing and able to offer for sale at each price
- d. occurs when hiring new workers causes marginal product to increase
- e. it shows how much of a good or service all of producers in a market are willing and able to offer for sale at each price
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