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___________ (51) his competitors, he will sell nothing if he charges above the market price and he will sell all if he charges at or___________(52) the market price. However, in considering the price, he must take the___________(53) of production into consideration. There are times when he may be willing to sell below his cost. This might happen when prices tumble for___________(54) he believes will be a short time. However, no business person can ___________(55) to lose money for a prolonged period. He must be constantly ___________(56) 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. ___________(57) mass production has made this true in certain industries and at certain levels of production, ___________(58) logic and practical experiences have shown that costs per unit begin to rise beyond a certain level of production. Some economists___________(59) to this principle as the law of increasing costs.
The reason costs rise as production goes up is ___________(60). However, it is easy to recognize that as production goes up, the need for additional factors of production will also grow, ___________ (61) competitive bidding in the marketplace for the factors of production. If a producer needs ___________(62) skilled labor to produce more, and none of this labor is unemployed, the producer will have to get___________ (63) from other sources. This can be done by___________(64) higher wages. Higher bidding would also apply to the other factors of production. We must also recognize that not all labor is equally productive, ___________(65) not all land is equally fertile and not all ore (礦石) is equally rich in the mineral wanted.
51 A to B at C of D on
52 A below B beneath C over D above
53 A price B cost C worth D profit
54 A that B why C what D if
55 A afford B pretend C offer D decide
56 A sure B afraid C aware D suspicious
57 A Because B since C When D While
58 A both B neither C none D any
59 A resort B refer C turn D attend
60 A clear B simple C difficult D complex
61 A bringing B resulting in C including D carrying out
62 A less B numerous C more D many
63 A them B these C it D those
64 A offering B cutting C reducing D having
65 A as if B just as C because D while
2.An Absent-minded Professor
?Professor Smith lived alone. He was very absent-minded. He used to __1__ the university to give a lecture and find that he had forgotten to bring his notes. Or he __2__ lose his spectacles and be unable to see the __3__. He could never find any chalk to __4__ with, and he often forgot the time and would ramble __5__ for hours because he had __6__ his watch at home. But the most __7__ thing of all about him was his __8__. His overcoat was rarely __9__, as most of the buttons were __10__. His shoes were usually untied because he had lost the laces. He __11__ his comb as well because his hair was always standing __12__, that is unless he was __13__ his battered old hat with the brim missing. His trousers were __14__ by an old tie instead of a belt. He was a chain smoker. He would smoke __15__ in class. Cigarette ash was liberally scattered over his waistcoat.
1. A) arrive in B) arrive at C) arrive D) arriving
2. A) was used to B) was accustomed to C) could D) would
3. A) blackboard B) floor C) door D) window
4. A) teach B) deliver C) write D) address
5. A) of B) at C) in D) on
6. A) put B) placed C) left D) forgotten
7. A) exciting B) amazing C) attractive D) delightful
8. A) appearance B) act C) behavior D) conduct
9. A) tied B) fastened C) ironed D) patched
10. A) losing B) falling C) missing D) hanging
11. A) has lost B) loses C) must have lost D) must lose
12. A) on end B) up C) aside D) back
13. A) putting on B) wearing on C) wearing D) having
14. A) rounded up B) stuck together C) put together D) held up
15. A) even B) frequently C) constantly D) continuously
Keys: BDACD CBABC CACDA
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___________ (51) his competitors, he will sell nothing if he charges above the market price and he will sell all if he charges at or___________(52) the market price. However, in considering the price, he must take the___________(53) of production into consideration. There are times when he may be willing to sell below his cost. This might happen when prices tumble for___________(54) he believes will be a short time. However, no business person can ___________(55) to lose money for a prolonged period. He must be constantly ___________(56) 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. ___________(57) mass production has made this true in certain industries and at certain levels of production, ___________(58) logic and practical experiences have shown that costs per unit begin to rise beyond a certain level of production. Some economists___________(59) to this principle as the law of increasing costs.
The reason costs rise as production goes up is ___________(60). However, it is easy to recognize that as production goes up, the need for additional factors of production will also grow, ___________ (61) competitive bidding in the marketplace for the factors of production. If a producer needs ___________(62) skilled labor to produce more, and none of this labor is unemployed, the producer will have to get___________ (63) from other sources. This can be done by___________(64) higher wages. Higher bidding would also apply to the other factors of production. We must also recognize that not all labor is equally productive, ___________(65) not all land is equally fertile and not all ore (礦石) is equally rich in the mineral wanted.
51 A to B at C of D on
52 A below B beneath C over D above
53 A price B cost C worth D profit
54 A that B why C what D if
55 A afford B pretend C offer D decide
56 A sure B afraid C aware D suspicious
57 A Because B since C When D While
58 A both B neither C none D any
59 A resort B refer C turn D attend
60 A clear B simple C difficult D complex
61 A bringing B resulting in C including D carrying out
62 A less B numerous C more D many
63 A them B these C it D those
64 A offering B cutting C reducing D having
65 A as if B just as C because D while
2.An Absent-minded Professor
?Professor Smith lived alone. He was very absent-minded. He used to __1__ the university to give a lecture and find that he had forgotten to bring his notes. Or he __2__ lose his spectacles and be unable to see the __3__. He could never find any chalk to __4__ with, and he often forgot the time and would ramble __5__ for hours because he had __6__ his watch at home. But the most __7__ thing of all about him was his __8__. His overcoat was rarely __9__, as most of the buttons were __10__. His shoes were usually untied because he had lost the laces. He __11__ his comb as well because his hair was always standing __12__, that is unless he was __13__ his battered old hat with the brim missing. His trousers were __14__ by an old tie instead of a belt. He was a chain smoker. He would smoke __15__ in class. Cigarette ash was liberally scattered over his waistcoat.
1. A) arrive in B) arrive at C) arrive D) arriving
2. A) was used to B) was accustomed to C) could D) would
3. A) blackboard B) floor C) door D) window
4. A) teach B) deliver C) write D) address
5. A) of B) at C) in D) on
6. A) put B) placed C) left D) forgotten
7. A) exciting B) amazing C) attractive D) delightful
8. A) appearance B) act C) behavior D) conduct
9. A) tied B) fastened C) ironed D) patched
10. A) losing B) falling C) missing D) hanging
11. A) has lost B) loses C) must have lost D) must lose
12. A) on end B) up C) aside D) back
13. A) putting on B) wearing on C) wearing D) having
14. A) rounded up B) stuck together C) put together D) held up
15. A) even B) frequently C) constantly D) continuously
Keys: BDACD CBABC CACDA