Chapter 4/5 Economics Test

a change in consumption resulting from a change in real income

An increase on the demand curve is shown by

The government can reduce the supply of some goods by placing an

According to the law of supply, suppliers will offer more of a good at a ____ price

the change in output from hiring one additional unit of labor

a payment to the government on the production or sale of a good

a chart that lists how much of a good a supplier will offer at various prices

Which is an example of how to lower production costs

a factor that can change

says that when a good’s price is lower , Consumers will buy more of it

Goods used in place of one another

the cost of operating a facility

A _______ is a government payment that supports a business or market

Rent is considered a

fixed costs plus variable costs equals