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1. | The amount of a product that would be offered for sale at all possible prices that could prevail in the market is called __________. .
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| A) supply
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| B) demand
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| C) scarcity
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| D) market product
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2. | From the quantities offered at various prices by all firms, you can derive _________.
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| A) the demand supply curve
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| B) the market supply curve
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| C) the individual demand curve
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| D) the individual supply curve
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3. | The __________schedule is a listing that shows the various quantities of a particular product supplied at all possible prices in the market.
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| A) product quantity
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| B) demand
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| C) supply
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| D) scarcity
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4. | For a decrease in supply to occur, less would be offered for sale at each and every price, and the supply curve would __________. .
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| A) shift downward
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| B) remain the same
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| C) shift to the left
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| D) shift to the right
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5. | The three stages of production are Stage I __________, Stage II: __________, and Stage III: __________.
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| A) increasing returns, diminishing returns, negative returns
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| B) diminishing returns, negative returns, increasing returns
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| C) increasing returns, negative returns, diminishing returns
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| D) negative returns, diminishing returns, increasing returns
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6. | The theory of __________deals with the relationship between the factors of production and the output of goods and services.
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| A) scarcity
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| B) production
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| C) opportunity cost
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| D) economics
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7. | One kind of cost is __________cost, the cost that a business incurs even if the plant is idle and output is zero.
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| A) fixed
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| B) variable
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| C) marginal
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| D) total
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8. | The most important measure of revenue is __________revenue, the extra revenue associated with the production and sale of one additional unit of output.
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| A) extra
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| B) variable
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| C) marginal
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| D) additional
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9. | As more workers are added, the business reaches the __________point, the total output or total product the business needs to sell in order to cover its total costs.
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| A) break-even
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| B) profit-maximizing
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| C) profit-minimizing
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| D) total cost
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