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
看故事学英语单词:毛遂自荐
学前英语常用词汇:水果、蔬菜(fruit & vegetables)
少儿英语单词大全:家庭篇
幼儿园英语单词教案
幼儿英语水果名称:字母F、G、H、J、K开头
幼儿英语水果名称:字母C、D开头
幼儿英语单词顺口溜:家庭成员
少儿英语单词顺口溜:食物及餐具英语单词歌
少儿英语单词儿歌:颜色
幼儿英语单词顺口溜:交通工具
少儿英语单词复习
幼儿英语单词顺口溜:动物名词歌
少儿英语单词分类汇总
少儿英语单词顺口溜:记一周七天英语单词歌
学前英语常用词汇:食品、饮料(food & drink)
幼儿英语单词顺口溜:季节与天气英语单词歌
幼儿英语单词顺口溜:脸部五官
幼儿英语单词顺口溜:小动物
幼儿英语单词顺口溜:快餐食品
幼儿英语水果名称:字母A、B开头
少儿英语单词卡片:景物英语名称
少儿英语单词顺口溜:工作和职业英语单词歌
幼儿英语单词顺口溜:学生的一天
少儿英语单词顺口溜:少儿学科科目英语单词歌
幼儿英语单词顺口溜:一数到十
看故事学英语单词:杞人忧天
学前英语常用词汇: 动物(animals)
学前英语常用词汇:颜色(color)
少儿英语单词大全:颜色篇
看故事学英语单词:班门弄斧
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