Econ

Question 1

amount of a product offered for sale at all possible prices in a market

Answer 1

Supply

Question 2

amount offered for sale at a given price; point on the supply curve

Answer 2

Quantity Supplied

Question 3

responsiveness of quantity supplied to a change in price

Answer 3

Supply Elasticity

Question 4

production period so short that only variable inputs (usually labor) can be changed

Answer 4

Short Run

Question 5

total output or production by a firm

Answer 5

Total Product

Question 6

stage of production where output increases at a decreasing rate as more units of variable input are added

Answer 6

Diminishing Returns

Question 7

production cost that varies as output changes; labor, energy, raw materials

Answer 7

Variable Cost

Question 8

production level where total cost equals total revenue production needed if the firm is to recover its costs

Answer 8

Break-Even Point

Question 9

a graph that shows the quantities supplied at each and every possible price in the market

Answer 9

Supply Curve

Question 10

government payment to encourage or protect a certain economic activity

Answer 10

Subsidy

Question 11

graphic portrayal showing how a change in the amount of a single variable input affects total output

Answer 11

Production Function

Question 12

production period long enough to change amount of variable and fixed inputs and in production

Answer 12

Long Run

Question 13

extra output due to the addition on one more unit of input

Answer 13

Marginal Product

Question 14

broad category of fixed costs that includes interest, rent, taxes, and executive salaries

Answer 14

overhead

Question 15

electronic business or exchange conducted over the Internet

Answer 15

E-commerce

Question 16

total amount earned by a firm form the sale of its products; price of goods sold times quantity sold

Answer 16

Total Revenue