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Supply Quiz 8 (25 MCQs)

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1. When the price of ham increases by 10%, the demand for ham decreases by 5%, and the demand for turkey increases by 15%. What is the cross-price elasticity between ham and turkey?
2. Demand for a normal product may shift outwards if?A. Price decreasesB. The price of a substitute fallsC. The price of a complement risesD. income falls
3. Which of the following does not cause a change in supply?
4. The amount of money a business makes after deducting expenses is called
5. If the total product of worker number 5 had been 95, what would the variable cost have been?
6. Which of the following is NOT a factor that can shift the supply curve?
7. Which of the following pairs best represent substitute goods?
8. A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
9. In a given market, how are the equilibrium price and the market-clearing price related?
10. Which of these is not an influence on the quantity supplied from a firm
11. All of the following are stages of production EXCEPT?
12. Which factor could cause a change in supply?
13. The law of supply means that:
14. Which of the following is not a variable cost?
15. Law of supply states that producers will offer _____ of a product as its price increases.
16. A government payment that supports a business _____
17. How is the total cost of a factory determined?
18. Supply-side economic policies are sometimes referred to as:
19. The ability and willingness to sell a good or service is called _____
20. Profit is maximized when
21. When prices rise, supply levels will also increase. If prices drop, supply will also fall.
22. Which of the following is not a fixed cost?
23. Costs of production that do not change when output changes
24. The demand for eggs decreases by 20% when the price of eggs increases by 10%. What is the elasticity of demand for eggs?
25. Factors that can cause a change in supply include
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