supply

Question 1

refers to the willingness and ability of producers to offer goods and services for sale

Answer 1

Supply

Question 2

Anyone who provides goods or services is a

Answer 2

producer

Question 3

The two keywords in the definition of supply are

Answer 3

willingness and ability

Question 4

As is true with demand_______ is a major factor that influences supply

Answer 4

price

Question 5

states that when prices decrease, quantity supplied decreases, and when prices increases, quantity supplied increases

Answer 5

law of supply

Question 6

s a 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 6

supply schedule

Question 7

is a 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 7

A market supply schedule

Question 8

column of the table lists various prices of a good or service

Answer 8

left-hand

Question 9

column shows the quantity supplied at each price

Answer 9

right hand

Question 10

is a 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 10

supply curve

Question 11

shows the data from the market supply schedule

Answer 11

market supply curve

Question 12

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

Answer 12

marginal product

Question 13

Having each worker focus on a particular facet of production is called

Answer 13

specialization

Question 14

shows the relationship between labor and marginal product

Answer 14

marginal product schedule

Question 15

occur when hirring new workers cause marginal product to increases

Answer 15

Increasing returns

Question 16

occur when hiring new workers causes marginal product to decrease

Answer 16

Diminishing returns

Question 17

happens when marginal product becomes negative and total output decreases

Answer 17

Negative returns

Question 18

are expenses that the owners of a business must incur whether they produce nothing, little or a lot
Mortgage, insurance, taxes, interest charges on bond, and depreciation

Answer 18

Fixed costs

Question 19

are business costs that vary as the level of production output changes
Shipping, hourly wages, electricity to power machines, raw materials

Answer 19

Variable costs

Question 20

Businesses find the total cost of production by

Answer 20

adding fixed and variable costs together

Question 21

the extra cost of producing one more unit

Answer 21

Marginal cost

Question 22

Marginal cost is determined by

Answer 22

dividing change in total costs by change in total product

Question 23

is the added revenue per unit of output, or the money made from each additional unit sold

Answer 23

Marginal revenue

Question 24

is the income a business recieves from selling a poduct

Answer 24

Total revenue

Question 25

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

Answer 25

Change in quantity supplied

Question 26

A movement to the _____indicates an increase in both price and quantity supplied

Answer 26

Right

Question 27

A movement to the_____shows a decrease in both price and quantity supplied

Answer 27

Left

Question 28

occurs when something prompts producers to offer different amounts for sale at every price

Answer 28

Change in supply

Question 29

Six factors cause a change in supply:

Answer 29

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

Question 30

s the amount of a goods or services that a person can produce in a given time

Answer 30

Labor productivity

Question 31

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

Answer 31

Technology

Question 32

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

Answer 32

excise tax

Question 33

is a government payment that partially covers the costs of an economic activity Most forms of energy production in the US recieve some form of subsidy

Answer 33

A subsidy

Question 34

he act of controlling business behavior through a set of rules or laws , can affect supply

Answer 34

Government regulation

Question 35

has a major impact on supply, as producers enter and leave the market constantly

Answer 35

Competition

Question 36

measure of how responsive producers are to price changes

Answer 36

Elasticity of supply