Quiz 5 Flashcards
(6 cards)
1
Q
Supply
A
amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time.
2
Q
Break-Even Point
A
production level where total cost equals total revenue; production needed if the firm is to recover its costs.
3
Q
Fixed costs
A
costs of production that do not change when output changes.
4
Q
Law of Supply
A
principle that more will be offered for sale at higher prices than at lower prices.
5
Q
Production Function
A
graphic portrayal showing how a change in the amount of a single variable input affects total output.
6
Q
Variable costs
A
production cost that varies as output changes; labor, energy, raw materials.
