Chp.5 vocab

Question 1

the amount of goods available

Answer 1

supply

Question 2

tendency of suppliers to offer more of a good at a higher rare

Answer 2

law of supply

Question 4

a chart that lists how much of a good a supplier will offer at different prices

Answer 4

supply schedule

Question 5

a factor that can change

Answer 5

variable

Question 6

a chart that lists how much of a good will suppliers at different prices

Answer 6

market supply schedule

Question 7

a graph of the quantity supplied of a good at different prices.

Answer 7

supply curve

Question 8

a graph of the quantity supplied of a good by all suppliers at different prices

Answer 8

market supply curve

Question 9

a measure of the way quantity supplied reacts to a change in price

Answer 9

elasticity of supply

Question 10

the change in output from hiring one additional unit of labor

Answer 10

marginal product of labor

Question 11

a level of production in which the marginal product of labor decreases as the number of workers increases

Answer 11

diminishing marginal returns

Question 12

a cost that does not change no matter how much of a good is produced

Answer 12

fixed cost

Question 13

a cost that rises or falls depending on how much is produced

Answer 13

variable cost

Question 14

fixed cost plus variable costs

Answer 14

total cost

Question 15

the additional income from selling one more unit of a good

Answer 15

marginal revenue

Question 16

the vost of operating a facility such as a store or factory

Answer 16

operating costs

Question 17

a government payment that supports a business or market

Answer 17

subsidy