An Increase in Which of the Following Would Shift the Supply

question 30

Multiple Choice

An increase in which of the following would shift the supply curve for gasoline to the right?

• A)demand for gasoline
• B)price of gasoline
• C)number of producers of gasoline
• D)price of oil,an input into the production of gasoline

Apply the concept of marginal cost and its relation to average costs and total cost.

Understand the significance of achieving minimum average total cost for operational efficiency in the short run.

Explain the full economic costs of production represented by total cost.

Differentiate between average fixed cost (AFC), average total cost (ATC), average variable cost (AVC), and marginal cost.

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Definitions:

Fluorescent Light

A type of lighting that uses electricity to excite mercury vapor, which in turn produces short-wave ultraviolet light causing a phosphor coating on the inside of the bulb to glow.

Recycling Energy

The process of reclaiming energy from waste materials or processes, often by converting biomass into electricity or fuel.

Wind Turbines

Machines that convert kinetic energy from the wind into electrical power.

Fuel Efficiency

A measure of how effectively a vehicle uses fuel, typically expressed in miles per gallon (mpg) or liters per 100 kilometers (l/100km), indicating distance traveled per unit of fuel.