Supply

Question 1

______ refers to the willingness and ability of producers to offer goods and services for sale

Answer 1

supply

Question 2

anyone who provides goods or services is a ______

Answer 2

producer

Question 3

as is true in demand ______ has a major influence on supply

Answer 3

price

Question 4

the ______ states that as the price of a good or service increases the quantity supplied increases and as the price decreases the quantity supplied decreases

Answer 4

Law of Supply

Question 5

______ is a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price In a market

Answer 5

supply schedule

Question 6

______ is a table that shows how much of a good or service all producers in a market are willing and able to offer for sale at each price

Answer 6

market supply schedule

Question 7

______ is a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price

Answer 7

supply curve

Question 8

______ shows the data from the market supply schedule

Answer 8

market supply curve

Question 9

the change in total product that results from hiring one more worker is called the ______

Answer 9

marginal product

Question 10

having each worker focus on a particular facet of production is called ______

Answer 10

specialization

Question 11

______ shows the relationship between labor and marginal product

Answer 11

marginal product schedule

Question 12

______ occur when hiring new workers causes marginal product to decrease

Answer 12

increasing returns

Question 13

______ happens when marginal product becomes negative and total output decreases

Answer 13

negative returns

Question 14

What is the goal of every business?

Answer 14

profit

Question 15

______ are expenses that the owners of a business must incur whether they produce nothing, little or a lot

Answer 15

fixed costs

Question 16

______ are business costs that vary as the level of production output changes

Answer 16

variable costs

Question 17

______ is the extra cost of producing one more unit

Answer 17

marginal cost

Question 18

______ is the added revenue per unit of output, or the money made from each additional unit sold

Answer 18

marginal revenue

Question 19

______ is the income a business receives from selling a product

Answer 19

total revenue

Question 20

at the ______ point total cost and total revenue are exactly the same

Answer 20

break-even

Question 21

______ is the level of production at which a business realizes the greatest amount of profit

Answer 21

profit maximizing point

Question 22

the different points on a supply curve show changes in ______

Answer 22

quantity supplied

Question 23

a movement to the right on the supply curve indicates a ______ both in price and quantity supplied

Answer 23

increase

Question 24

a movement to the left on the supply curve indicates a ______ both in price and quantity supplied

Answer 24

decrease

Question 25

six factors cause change in supply:

Answer 25

input costs, labor productivity, technology, government actions, producer expectations, and number of producers

Question 26

______ are the price of the resources needed to produce a good or service

Answer 26

input costs

Question 27

______ is the amount of goods and services that a person can produce in a given time

Answer 27

labor productivity

Question 28

______ involves the application of scientific methods and discoveries to the production process, resulting in new products or new manufacturing techniques

Answer 28

technology

Question 29

______ are often placed on items such as alcohol and tobacco- things whose consumption the government is interested in discouraging

Answer 29

excise taxes

Question 30

______ is a government payment that partially covers the cost of an economic activity

Answer 30

subsidy

Question 31

______ the act of controlling business behavior through a set of rules or laws, can affect supply

Answer 31

government regulation

Question 32

______ has a major impact on supply as producers enter and leave the market constantly

Answer 32

competition

Question 33

______ is also a measure of how responsive producers are to price changes

Answer 33

elasticity of supply