microeconomics chapter three

Question 1

individual supply curve

Answer 1

graph showing quantity a business plans to sell at each price, summarizing selling plans
ex: space in garage, use of an electric scooter

Question 2

price

Answer 2

vertical axis

Question 3

quantity

Answer 3

horizontal axis

Question 4

price low

Answer 4

minimize loss by shutting down operations

Question 5

law of supply

Answer 5

sell something for high price = sell more of it

Question 6

best price

Answer 6

market price

Question 7

price takers

Answer 7

market price as given and following along

Question 8

supply curve

Answer 8

marginal cost curve

Question 9

marginal product
short run

Answer 9

when inputs fixed
ex: extra workers in fixed office crowded and hard to work

Question 10

marginal product
long run

Answer 10

expand production by increase inputs
ex: hiring more people, more equipment

Question 11

market supply

Answer 11

sum of quantity supplied by each seller

Question 12

high price

Answer 12

individual business supply large quantity
more business supply good/services, lower price

Question 13

supply curve move

Answer 13

shift in supply curve

Question 14

rightward shift

Answer 14

increase in supply

Question 15

leftward shift

Answer 15

decrease in supply

Question 16

assumptions

Answer 16

operation in comp market

Question 17

determinants of supply own price output price

Answer 17

movement along