Spalding Academy 10th Econ
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The rising portion of a firm’s marginal cost curve at or above the price that will allow the firm to cover variable cost | Competitive firm's supply curve
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| Forces that reduce a firm’s average cost as the firm’s size, or scale, increases in the long run | Economies of scale
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| A measure of the responsiveness of quantity supplied to a price change; the percentage change in quantity supplied divided by the percentage change in price | Elasticity of supply
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| Any production cost that is independent of firms output | Fixed costs
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| As more of a variable resource is added to a given amount of fixed resources, marginal product eventually declines and could become negative | Law of diminishing returns
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| The quantity of a good supplied in a given time period is usually directly related to its price, other things constant | Law of Supply
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| A period during which all resources can be varied | Long run
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| The lowest average cost of production at each rate of output when the firm’s size is allowed to vary | Long-run average curve cost
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| The change in total cost resulting from a one-unit change in output; the change in total cost divided by the change in output | Marginal cost
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| The change in total product resulting from a one-unit change in a particular resource, all other things constant | Marginal product
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| The change in total revenue from selling another unit of good | Marginal revenue
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| Change in quantity supplied resulting from a change in the price of the goods, other things constant | Movement along a supply curve
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| Increase or decrease in supply resulting from a change in one of the determinants of supply other than the price of a good | Shift of a supply curve
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| A period during which at least one of a firm’s resources is fixed | Short run
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| A relation showing the quantities of a good producers are willing and able to sell at various prices during a given period, other things constant | Supply
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| A curve or line showing the quantities or a particular good supplied at various prices during a given time period, other things constant | Supply curve
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| Fixed cost plus variable cost; the cost of all resources used by the firm | Total cost
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| A firm’s total output | Total product
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| Any production cost that changes as output changes | Variable costs
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| If the government imposes strict rules on how many farmers may produce blueberries, what would happen to the supply of blueberries? | Prices rise, supply increase
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| A new machine that decreases the time it takes to produce a specific airplane engine part is introduced to the market. What would most likely happen to the supply of this part? | Reduces cost of production, supply curve shifts right
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| Why are there no fixed costs in the long run? | All inputs can be varied (i.e. building expands, depression, etc)
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| Open a small shop that sells chocolates. Your monthly fixed costs total $2,500. You pay one employee $1,000 per month and your total revenue from sales last month was $3,000. Should you continue to operate your business or shut it down? Explain. | Yes. Your monthly costs are $3,500 and you make $3,000
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