Product & Cost Curves: Definitions & Use in Production Possibility Curves

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the shape of a product curve?

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1. What is the shape of a cost curve?

2. What does a product curve demonstrate?

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About This Quiz & Worksheet

Production and cost curves represent distinct relationships between different economic variables, and these assessments will provide a way to check your understanding of their functions. Questions will ask about topics such as production, cost, resources and quantity.

Quiz & Worksheet Goals

In this guide you will be quizzed on:

  • Definitions of production and cost curves
  • Quantity produced
  • Cost of resources
  • Shape of product and cost curves

Skills Practiced

Students should prepare to test the following skills:

  • Reading comprehension - ensure that you draw the most important information from the lesson on cost and production curves
  • Defining key concepts - ensure that you can accurately define main phrases, such as cost of resources
  • Knowledge application - use your knowledge to answer questions about conclusions reached through analysis of production curves

Additional Learning

For additional learning on cost and production curves, you can review the accompanying lesson entitled Product & Cost Curves: Definitions & Use in Production Possibility Curves. This lesson covers the following objectives:

  • Define production and cost curves
  • Identify the function of both curves
  • Determine the relationship between quantity, cost, resources, and cost curves
  • Apply information from the lesson to real world applications
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