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Ch 5 - Supply (Economics) Flashcards | StudBud
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Ch 5 - Supply (Economics)
Ch 5 - Supply (Economics)
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Chapter 5 - Supply
Flashcards
13 cards
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Questions
13
Answers
1
Wages, materials, and shipping expenses are examples of
specialization
diminishing returns
variable costs
profit-maximizing output
2
The change in total output brought about by adding one more worker is called
total returns
variable product
marginal product
increasing returns
3
Which costs do business owners incur no matter what the level of production output is?
fixed costs
total costs
variable costs
marginal costs
4
Price of apples increases from 65 cents to 85 cents each. How would the amount supplied change?
it would increase
it would remain the same
it would decrease
5
Having each worker focus on a particular facet of production is called...
increasing returns
profit-maximizing output
specialization
fixed costs
6
A measure of how responsive producers are to price changes in the marketplace.
elasticity of demand
marginal costs
variable costs
elasticity of supply
7
Is this supply curve elastic or inelastic?
elastic
inelastic
8
Producers are willing to sell more of a product at a higher price than at a lower price
law of fixed costs
law of demand
law of supply
law of marginal costs
9
What is the marginal cost?
6
12
8
10
10
Is this supply curve elastic or inelastic?
inelastic
elastic
11
The government often uses __________
to discourage the consumption of certain products.
excise taxes
fixed costs
subsides
supply costs
12
A change in price leads to a relatively larger change in quantity supplied.
supply is inelastic
supply is elastic
13
The price of the resources needed to produce a good or service is called
supply costs
fixed costs
input costs
regulated costs
