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Economics Chapter 5 Review Flashcards | StudBud
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Economics Chapter 5 Review
Economics Chapter 5 Review
14 terms
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StudBud Administration
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Quiz over supply
Flashcards
14 cards
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Questions
14
Answers
1
Government intervention in a market that affects the production of a good
Intervention tax
Regulation
Subsidy
Sales Tax
2
cost of an input increases
supply decreases
supply increases
3
Tendency of suppliers to offer more of a good at a higher price
Supply Schedule
Elasticity of Supply
Law of Supply
Supply Curve
4
the number of firms decrease
supply decreases
supply increases
5
A chart/table that lists how much of a good a supplier will offer at different prices
Marginal Product of Labor
Supply Curve
Supply Schedule
Increasing Marginal Returns
6
A graph of the quantity supplied of a good a different prices
Supply Curve
Fixed Supply
Marginal Supply
Supply Schedule
7
cost of an input decreases
supply decreases
supply increases
8
A measure of the way quantity supplied reacts to a change in price
Increasing Marginal Returns
Diminishing Marginal Returns
Elasticity of Supply
Marginal Product of Labor
9
technology improves
supply increases
supply decreases
10
the number of firms increase
supply increases
supply decreases
11
A government payment that supports a business or market
Variable Tax
Regulation
Excise Tax
Subsidy
12
price is expected to increase in the future
supply decreases
supply increases
13
A tax on the production or sale of a good
Excise Tax
Subsidy
Regulation
Globalization
14
decrease in the price of a compliment
supply decreases
supply increases
