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Economics Ch 5
economics ch 5
| Question | Answer |
|---|---|
| the amount of goods available | supply |
| producers offer more of a good when its price increases and less when its price falls | law of supply |
| the amount that a supplier is willing and able to supply at a specific price | quantity supplied |
| a chart that lists how much of a good A supplier will offer at various prices | supply schedule |
| a factor that can change | variable |
| a chart that lists how much of a good ALL suppliers will offer at various prices | market supply schedule |
| a graph of the quantity supplied of A god at various prices | supply curve |
| a graph of the quantity supplied of a good by ALL suppliers at various prices | market supply curve |
| a measure of the way quantity supplied reacts to a change in price | elasticity of supply |
| the change in output from hiring one additional unit of labor | marginal product of labor |
| a level of production in which the marginal product of labor increases as the number of workers increases | increasing marginal returns |
| a level of production at which the marginal product of labor decreases as the number of workers increases | diminishing marginal returns |
| a cost that does not change, no matter how much of a good is produced | fixed cost |
| a cost that rises or falls depending on the quantity produced | variable cost |
| the sum of fixed costs plus variable costs | total cost |
| the cost of producing one more unit of a good | marginal cost |
| the additional income from selling one more unit of a good; sometimes equal to price | marginal revenue |
| the total cost divided by the quantity produced | average cost |
| the cost of operating a facility, such as a factory or a store | operating cost |
| a government payment that supports a business or market | subsidy |
| a tax on the production of a sale or good | excise tax |
| government intervention in a market that affects the productions of a good | regulation |
| a condition of rising prices | inflation |
| cost of bringing raw materials to a production facility and sending finished products to stores | input costs |
| how do suppliers decide what goods and services to offer? 1.(answer) 2.(definition of answer) 3.(example) | 1.law of supply 2.producers offer more of a good when price increases, and less of a good when price falls 3.if price of pizza $3/slice, suppliers are going to sell more pizza to make more money.If pizza is $1/slice, they'll sell less so no money declin |
Created by:
MrGman200
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