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
初二英语上册语法复习详解(5)-every day与everyday
初二英语上册语法复习详解(10)-so/such与不定冠词
初二英语上册语法复习详解(15)-随句型变化而变化的词
初二英语上册英语语法精讲精练:should的用法
初二英语上册语法复习详解(41)-need的用法
初二英语上册语法复习详解(19)-a little/a few/a bit
初二英语上册语法复习详解(42)-decide的几种句式
初二英语上册语法复习详解(34)-be good...用法
初二英语上册语法复习详解(1)-leave的用法
初二英语上册语法复习详解(37)-a lot of与many/much
初二英语上册语法复习详解(13)-名词的复数构成形式
初二英语上册语法复习详解(28)-hard与hardly
初二英语上册语法复习详解(40)-ago与before
初二英语上册语法复习详解(26)-look短语
初二英语上册语法复习详解(9)-关于句子的提问
初二英语上册语法复习详解(12)-“单数”
初二英语上册语法复习详解(33)-动词want的用法
初二英语上册语法复习详解(18)-穿、戴的表达
初二英语上册语法复习详解(8)-for和of
初二英语上册语法复习详解(20)-关于like的用法
初二英语上册语法复习详解(43)-too many/too much/much too
初二英语上册语法复习详解(35)-how many与how much
初二英语上册语法复习详解(3)-what与which
初二英语上册语法复习详解(24)-表示时间的词
初二英语上册语法复习详解(27)-too/also/either
初二英语上册语法复习详解(25)-Other及其用法
初二英语上册语法复习详解(29)-相似词辨析sometime等
初二英语上册语法复习详解(16)-in与after
初二英语上册语法复习详解(30)-exercise的一些用法
初二英语上册语法复习详解(14)-需双写后加ing的分词
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