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6. Identify the short run cost curve for the variable cost: a). Curve 1 b). Curve 2 c). Curve 3 d). None of the above 7. Identify the short run cost curve for the total cost:

6. Identify the short run cost curve for the variable cost: a). Curve 1 b). Curve 2 c). Curve 3 d). None of the above 7. Identify the short run cost curve for the total cost:

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section: Chapter Questions
Problem 8AA
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The diagram below is for questions 6 and 7. COST 6. Identify the short run cost curve for the variable cost: a). Curve 1 b). Curve 2 c). Curve 3 d). None of the above 7. Identify the short run cost curve for the total cost: a). Curve 1 b). Curve 2 c). Curve 3 d). None of the above 8. What is crucial in the definition of Supply? I. A firm produced everything that is required by the community. II. Amount of product a firm is willing to produce. I. Necessity to supply things for the household. IV. Amount of food sold under government subsidy. v. Price of product the firm is willing to quote. a). I and II b). Il and IV c). Il and V d). III and IV 9. When could be the end result of a surplus of supply of certain product in the market, a). Downward pressure on price b). Upward pressure in price c). Market has achieved equilibrium d). Too many buyers chasing too few goods. 10. What is Market Equilibrium? a). Government must introduce tax to achieve equilibrium. b). Ensure that businesses make the most profit. c). Force the consumer to buy all the product that is manufactured. d). Market's reaction to eliminate surplus Demand and Supply.
Transcribed Image Text:The diagram below is for questions 6 and 7. COST 6. Identify the short run cost curve for the variable cost: a). Curve 1 b). Curve 2 c). Curve 3 d). None of the above 7. Identify the short run cost curve for the total cost: a). Curve 1 b). Curve 2 c). Curve 3 d). None of the above 8. What is crucial in the definition of Supply? I. A firm produced everything that is required by the community. II. Amount of product a firm is willing to produce. I. Necessity to supply things for the household. IV. Amount of food sold under government subsidy. v. Price of product the firm is willing to quote. a). I and II b). Il and IV c). Il and V d). III and IV 9. When could be the end result of a surplus of supply of certain product in the market, a). Downward pressure on price b). Upward pressure in price c). Market has achieved equilibrium d). Too many buyers chasing too few goods. 10. What is Market Equilibrium? a). Government must introduce tax to achieve equilibrium. b). Ensure that businesses make the most profit. c). Force the consumer to buy all the product that is manufactured. d). Market's reaction to eliminate surplus Demand and Supply.
1. The downward slope of a demand curve in the theory of Demand: a). represents the law of demand b). shows that as the price of a good rises, consumers increase the quantity demanded c). indicates how quantity demanded changes when the good/services is normal d). indicates how demand changes under instruction by the government. 2. Microeconomics influence managers in the following ways: consumer behavior affect revenue. II. cooperate with the government to fight inflation. II. production technology affects costs. IV. price determination and company strategies. v. central bank increase liquidity in the market. I. a). I, Il and IV b). I, II and V c). I, Il and IV d). All of the above 3. We should know about economic problem because that is the foundation of our study on Microeconomics. What is the economic problem? a). What car should be manufactured and sold in Malaysia? b). Should the government force children to go to school? c). What resources is limited and what choice does the economic system make. d). No need to study microeconomics. 4. What is the definition of Demand? I. A person wants to have everything he or she likes. II. The amount of product and services a person is willing to buy. II. The necessity to buy things for the household. IV. The price is right. v. The amount of product and services a person could afford. a). I, Il and II b). II, IV and V c). I, IV and V d). II, Ill and V 5. Which of this in NOT a strong factor affecting Supply? a). Technology advancement b). Price of product and services. c). A person's income. d). Price of input of raw materials.
Transcribed Image Text:1. The downward slope of a demand curve in the theory of Demand: a). represents the law of demand b). shows that as the price of a good rises, consumers increase the quantity demanded c). indicates how quantity demanded changes when the good/services is normal d). indicates how demand changes under instruction by the government. 2. Microeconomics influence managers in the following ways: consumer behavior affect revenue. II. cooperate with the government to fight inflation. II. production technology affects costs. IV. price determination and company strategies. v. central bank increase liquidity in the market. I. a). I, Il and IV b). I, II and V c). I, Il and IV d). All of the above 3. We should know about economic problem because that is the foundation of our study on Microeconomics. What is the economic problem? a). What car should be manufactured and sold in Malaysia? b). Should the government force children to go to school? c). What resources is limited and what choice does the economic system make. d). No need to study microeconomics. 4. What is the definition of Demand? I. A person wants to have everything he or she likes. II. The amount of product and services a person is willing to buy. II. The necessity to buy things for the household. IV. The price is right. v. The amount of product and services a person could afford. a). I, Il and II b). II, IV and V c). I, IV and V d). II, Ill and V 5. Which of this in NOT a strong factor affecting Supply? a). Technology advancement b). Price of product and services. c). A person's income. d). Price of input of raw materials.
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