econ hehe Flashcards
1
Q
according to law of supply, if price of good or service decreases
A
quantity supplied will decrease
2
Q
why are businesses willing to increase quantity supplied as price increases
A
profits businesses earn increases if they can sell more goods at a higher price
3
Q
first chart
A
quantity supplied would increase from 10,000 to 15,000
4
Q
second chart
A
quantity supplied would decrease by 15,000
5
Q
5
A
an increase in the price of pizzas
6
Q
6
A
100
7
Q
7
A
decrease in business taxes paid by oil companies
8
Q
8
A
decrease; left
9
Q
9
A
increase; right
10
Q
10
A
total revenue minus total cost
11
Q
11
A
$10
12
Q
12
A
$180
13
Q
13
A
1050
14
Q
14
A
160
15
Q
15
A
cost on inputs (resources) increases
