Econ Chapter 5
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | aggregate supply
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| states that producers are willing to sell more of a good or service at a higher price than they are at a lower price | show 🗑
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| show | supply schedule
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| how much of a good or service all producers in a market are willing and able to offer for sale at each price | show 🗑
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| show | supply curve
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| show | market supply curve
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| the change in total output that results from adding one more worker | show 🗑
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| a situation that occurs when individuals or businesses concentrate their efforts in the areas in which they have an advantage for increased productivity and profit | show 🗑
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| a situation in which hiring new workers cause marginal product to increase | show 🗑
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| a situation in which new workers cause marginal product to grow but at a decreasing rate | show 🗑
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| expenses that business owners incur no matter how much they produce | show 🗑
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| business costs that vary with the level of production output | show 🗑
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| show | total cost
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| show | marginal cost
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| show | marginal revenue
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| show | total revenue
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| the point in production at which a business has reached its highest level of profit | show 🗑
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| an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price | show 🗑
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| show | change in supply
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| the price of the resources needed to produce a good or service | show 🗑
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| show | labor productivity
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| show | technology
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| a tax on the production or sale of a specific good or service | show 🗑
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| _________ is a set of rules or laws designed to control business behavior. | show 🗑
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| the reduction or elimination of government oversight and control of business | show 🗑
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| a measure of how responsive producers are to price changes in the marketplace | show 🗑
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| Supply is defined as | show 🗑
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| show | quantity supplied increases
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| show | quantity supplied decreases
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| Economists use a supply curve to | show 🗑
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| The appearance of a supply curve is | show 🗑
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| A supply schedule is related to a supply curve because | show 🗑
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| show | Draw a market supply curve.
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| show | marginal product
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| show | the relationship between labor and marginal product
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| The additional expense of producing one more unit of a product is called | show 🗑
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| show | fixed costs remain the same; variable costs depend on how much is produced
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| Total cost is the sum of | show 🗑
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| show | profit-maximizing output is reached
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| Marginal revenue equals | show 🗑
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| Profit-maximizing output is the point at which | show 🗑
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| A business that discovers a decline in profit can best solve the problem by | show 🗑
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| The amount of goods and services that a person can produce in a given time is called | show 🗑
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| Car manufacturers who use robots to do certain jobs on the assembly line are trying to increase supply by | show 🗑
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| show | decrease the supply of products it doesn't want people to use
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| show | increasing producers' costs and discouraging production
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| An automobile manufacturer learns that a foreign country is about to tax all the rubber it exports, thus raising prices. What is the carmaker most likely to do? | show 🗑
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| Manju opens the first Indian restaurant in her city, and it is a success. How will her success most likely affect the number of producers? | show 🗑
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| show | how elastic a supply is
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| What is supply said to be if a change in price leads to a relatively smaller change in quantity supplied? | show 🗑
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| show | time
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| Which types of industries tend to take a great deal of time to shift the resources of production to respond to price changes? | show 🗑
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