stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Ch 4/5 Flashcards | StudBud
Explore
/
Ch 4/5
Ch 4/5
15 terms
·
StudBud Administration
·
62 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
A graphical representation of the theory of production
Marginal revenue
Production function
Diminishing returns
Total cost
2
This stage is associated with Stage II of production
Decline
Peak
Growth
Diminishing returns
3
A principle illustrating that a given change in price causes a relatively large changes in the quantity demanded.
Law of demand
Fixed cost
Demand schedule
Elastic Demand
4
If a demand line shifts to the left that means
A decrease in demand
An increase in supply
A decrease in supply
An increase in demand
5
The gradual wearing out of capital goods
Production Function
Depreciation
Diminishing returns
Appreciation
6
A production cost that changes when output changes
Production function
Fixed cost
Marginal revenue
Variable cost
7
What is the surplus quantity
30
525
500
90
8
Which of these products have inelastic demand
Beef
Oreos
Gasoline
Bikes
9
A statement that more will be demanded at lower prices and less at higher prices.
Law of supply
Law of Demand
Law of variable pricing
Microeconomics
10
The desire/willingness to buy a product
Fixed cost
Elasticity
Demand
Supply
11
What is the original equilibrium quantity
60
30
525
500
12
A listing in a table that shows the quantity demanded at all possible prices and less at higher prices.
Law of demand
Microeconomics
Fixed cost
Demand schedule
13
What is the shortage quantity
60
500
475
30
14
If a supply line shifts to the right it means
A decrease in supply
An increase in demand
An increase in supply
A decrease in demand
15
What is the surplus price?
500
475
90
525
