Chapter 5 Flashcards

(6 cards)

1
Q

Law of supply

A

States that producers are willing to sell more of a good or service at a higher price than they are at a lower price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Fixed cost

A

Expenses that business owners incur no matter how much they produce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Variable cost

A

Business costs that vary with the level of production output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Total cost

A

Sum of fixed and variable costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Excise tax

A

Tax on production of sale of a specific good or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Supply

A

Willingness and ability of a producer to produce and sell a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly