Supply

Question 1

The willingness and ability of producers to offer goods and services for sale

Answer 1

Supply

Question 2

Anyone who provides goods and services

Answer 2

Producer

Question 3

______________ is a major factor that influences supply

Answer 3

Price

Question 4

States that as prices decrease, supplies decrease, and as prices increase, supplies increase

Answer 4

Law of Supply

Question 5

Table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market

Answer 5

Supply schedule

Question 6

Table that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price

Answer 6

Market supply schedule

Question 7

The left-hand column of a supply schedule shows ____________

Answer 7

Various prices of a good or service

Question 8

The right-hand column of a supply schedule shows _______________

Answer 8

Quantity supplied

Question 9

Graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price

Answer 9

Supply curve

Question 10

Shows that data of a market supply schedule

Answer 10

Market supply curve

Question 11

All normal supply curves slope from the _____________ corner of the graph to the ____________________ corner

Answer 11

Lower left; upper right

Question 12

The change in total product that results from hiring one more worker

Answer 12

Marginal product

Question 13

Having each worker focus on a particular facet of production

Answer 13

Specialization

Question 14

Shows the relationship between labor and marginal product

Answer 14

Marginal product schedule

Question 15

Occur when hiring new workers cause marginal product to increase

Answer 15

Increasing returns

Question 16

Occur when hiring new workers causes marginal product to decrease

Answer 16

Decreasing returns

Question 17

Happen when marginal product becomes negative and total output decreases

Answer 17

Negative returns

Question 18

Expenses that business owners must incur whether they produce nothing, little, or a lot

Answer 18

Fixed costs

Question 19

Business costs that vary as the level of production output changes

Answer 19

Variable costs

Question 20

The extra cost of producing one more unit

Answer 20

Marginal cost

Question 21

The added revenue per unit of output

Answer 21

Marginal revenue

Question 22

The income a business receives from selling a product

Answer 22

Total revenue

Question 23

At the break-even point, total cost and total revenue are exactly _____________

Answer 23

Equal

Question 24

The level of production at which a business realizes the greatest amount of profit

Answer 24

Profit maximising output

Question 25

An increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price

Answer 25

Change in quantity supplied

Question 26

The relationship between price and quantity supplied is considered ___________

Answer 26

Direct

Question 27

What are the six factors that cause a change in supply?

Answer 27

Input costs, labor productivity, technology, govt actions, producer expectations, and number of producers

Question 28

The price of the resources needed to produce a good or service

Answer 28

Input costs

Question 29

A tax on the production or sale of a specific good or service

Answer 29

Excise tax

Question 30

Involves the application of scientific methods and discoveries to the production process, resulting in new products or new manufacturing techniques

Answer 30

Technology

Question 31

The amount of goods and services that a person can produce in a given time

Answer 31

Labor productivity

Question 32

The act of controlling business behavior through a set of rules or laws

Answer 32

Gout regulation