Econ Ch 4 & 5: Supply & Demand

The decrease in satisfaction or usefulness received from each additional unit of product.

What is described as the amount of a product that could be bought at all possible prices?

Which of the following can cause an increase in supply?

This is the extent to which a change in price causes a change in the quantity demanded.

This is a cost that a business incurs even if there is little to no activity.

This level of production generates just enough revenue to cover its total operating costs.

This is the extra usefulness or extra satisfaction that occurs from using one more product

What is illustrated by movement along the demand curve?

Profit is maximized when marginal cost is _________

The demand curve is always _________

The amount that producers bring to the market at any given price. 

Rent payments and property taxes are what type of costs?

The area of economics that deals with behavior and decision making of small units.

Which of the following is a characteristic of the first stage of production?

What production period allows the firm time to adjust quantities of all productive resources?

What business cost changes when the business's rate of operation or output changes?

The law of supply states that quantity supplied and price have what kind of relationship?

This is the extra cost incurred when a business produces one additional unit of output.

What are products that can be used in place of other products?

When a change in price causes a proportional change in profit, demand tends to be _______

If a consumer cannot postpone the purchase of a product, demand tends to be____