A Supply Curve Shows the ________ of Producing One More

question 53

Multiple Choice

A supply curve shows the ________ of producing one more unit of a good or service.

• A) producer surplus
• B) consumer surplus
• C) total benefit
• D) marginal cost
• E) marginal benefit to the producer

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Definitions:

Inflation

The rate of acceleration in the average pricing of goods and services, thereby diminishing the power of purchase.

Unemployment

The condition where people who have the ability to work and are actively looking for jobs cannot secure employment.

Money Supply

The total amount of monetary assets available in an economy at a specific time, including cash, coins, and balances in bank accounts.

Economic Pie

A metaphor for the total amount of wealth or resources available in an economy that can be distributed among its participants.