Producer Behaviour and Supply Quiz
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1. What is the primary goal of a producer?
Maximizing utility · Minimizing costs · Maximizing profit · Maximizing revenue
2. Which of the following is a short-run factor of production?
Land · Labor · Capital · Entrepreneurship
3. What does the law of diminishing returns state?
Output increases indefinitely with more input · Output increases at an increasing rate · Adding more of one input while keeping others constant will eventually yield lower per-unit returns · Output decreases with less input
4. In the short run, which cost remains constant regardless of output?
Total variable cost · Total fixed cost · Average total cost · Marginal cost
5. What is the term for the additional output produced by adding one more unit of input?
Total product · Marginal product · Average product · Fixed product
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