Cost as a Factor in Supply
In a purely competitive market, the supplier of goods and services has no control over the market price, because he produces too little to influence market conditions. With no difference between his products and the products __1__ his competitors, he will sell nothing if he charges above the market price and he will sell all if he charges at or __2__ the market price. However, in considering the price, he must take cost of production __3__. There are times when he may be willing to sell below his cost. This might happen when prices tumble for __4__ a short time. However, no business person can __5__ lose money for a prolonged period. He must __6__ of his costs in relation to the market price if he is to compete successfully and earn a profit.
Many people have the impression that as production increases, costs per unit decrease. __7__ mass production has made this true in certain industries and at certain levels of production, __8__ logic and practical experience have shown that costs per unit begin to rise beyond a certain level of production. Some economists __9__ this principle as the law of increasing costs.
The reason __10__ rise as production goes up is complex. However, it is easy to recognize that as production goes up, the need for additional factors of production will also grow, resulting __11__ competitive bidding in the marketplace for the factors of production. If a producer needs __12__ skilled labor to produce more, and none of this labor is unemployed, the producer will have to get __13__ from other sources. This can be done by __14__ higher wages. Higher bidding would also apply to the other factors of production. We must also recognize that not all labor is equally productive, __15__ not all land is equally fertile and not all ore is equally rich in the mineral wanted.
1. A) to B) at C) of D) on
2. A) below B) beneath C) over D) above
3. A) to consider B) into consideration C) to consideration D) in consideration
4. A) he believes will be B) what he believes be C) what he believes will be D) he believes to be
5. A) afford to B) be affordable C) be afforded to D) have afforded
6. A) constantly aware B) constantly knowledgeable of C) be constantly aware of D) constantly aware of
7. A) Because B) Since C) When D) While
8. A) both B) as well as C) also D) but
9. A) refer B) refer to C) call D) are referred to
10. A) cost B) the cost C) the costs D) costs
11. A) from B) in C) D) for
12. A) less B) numerous C) more D) many
13. A) them B) these C) it D) those
14. A) offering B) cutting C) reducing D) having
15. A) as just B) just as C) because D) while
KEYS: CABCA CDABD BCCAB
莫言:要想写得好,先把文学奖忘掉
恋爱必修课:10种方法让你忘掉分手的那个他
窈窕淑女: 睡眠不足可导致发胖哦
日本单身工科男发明“女朋友外套” 没女友也能温暖抱抱
中国少年美国高尔夫大师赛首轮表现抢眼
BBC撒切尔夫人生平讣文: 罢工余波未平, 终遇他乡知音
国内英语资讯:Xi stresses efforts to improve regional economic planning, industrial chains
美国易发枪击案的社区都有这4个特点
日本单身工科男发明“女朋友外套”
国内英语资讯:Chinese FM holds talks with Iranian Foreign Minister
国内英语资讯:Chinas top legislature wraps up bimonthly session
冰岛女总理将携夫人访华 引发中国网友热议
萌神兽来牧羊:英国农民引入羊驼保护新生羊羔
国内英语资讯:U.S. urged to not misjudge situation, immediately stop wrong actions
胖子们很忧伤:萨摩亚航空公司要按乘客体重收费
伊朗科学家称发明“时光机” 可预测未来8年事件
研究:讲脏话无关阶级 还能缓解疼痛
BBC撒切尔夫人生平讣文: 上得厅堂, 下得厨房
钱是靠省出来的:九大省钱妙招教你这样过日子
研究:宝宝出生让新爸爸感觉更有魅力