Supply and Demand Review

Government payment to encourage/protect an economic activity.

A cost that a business incurs even if there is little or no activity

Often thought of as the variable factor of production

Amount that producers bring to the market at any given price

When the elasticity of demand is greate than one, we consider this product to be

Chart showing the various quantities demanded at each & every price

The driving force behind production decisions

 Increased government regulation can cause the supply curve to

Which of the following products would have the most elastic demand curve

The next best use of one's time, money, or resources

The period of production that allows producers to change the amounts of all inputs

Extra cost incurred when a business produces one additional unit of a product.

Which of the follow always shifts the supply curve to the right?

Consumer expectations is a determinant of...

 The Law of Supply states the

Choose the BEST word that summarizes why us to study economics?

When adding an additional unit no longer results in a beneficial return

Which product is likely to have the most elastic supply curve?

The period of production that allows producers to change only the amount of the variable input 

The extra gain incurred when one additional unit of a product is produced.

An increase in income would shift the demand curve in which direction?

Measure of the way in which quantity supplied responds to a change in price

Which of the following can cause an increase in supply?

Cost that changes when the business's rate of operation or output changes

The supply curve is