supply correct answers the amount of a product that would be offered for sale at all possible prices that could prevail in the market
law of supply correct answers principle that suppliers will normally offer more for sale at high prices and less at lower prices
supply schedule correct answer...
Economics- Chapter 5(Complete solutions)
supply correct answers the amount of a product that would be offered for sale at all possible prices that
could prevail in the market
law of supply correct answers principle that suppliers will normally offer more for sale at high prices and
less at lower prices
supply schedule correct answers a listing of the various quantities of a particular product supplied at all
possible prices in the market
supply curve correct answers a graph showing the various quantities supplied at all possible prices that
might prevail in the market at any given time
market supply curve correct answers supply curve that shows the quantities offered at various prices by
all firms that offer the product for sale in a given market
quantity supplied correct answers the amount that producers bring to market at any given price
change in quantity supplied correct answers the change in amount offered for sale in response to a change
in price
change in supply correct answers suppliers offer different amounts of products for sale at all possible
prices in the market
subsidy correct answers a government payment to an individual, business, or other group to encourage or
protect a certain type of economic activity
supply elasticity correct answers a measure of the way in which the quantity supplied responds to a
change in price
production function correct answers a figure that shows how total output changes when the amount of a
single variable input (usually labor) changes while all other inputs are held constant
, short run correct answers a period so brief that only the amount of the variable input can be changed
long run correct answers a period long enough for the firm to adjust the quantities of all productive
resources
total product correct answers the total output produced by the firm
marginal product correct answers the extra output or change in total product caused by adding one more
unit of variable input
1.) increasing returns
2.) diminishing returns
3.) negative returns correct answers What are the 3 stages of production?
diminishing returns correct answers the stage where output increases at a diminishing rate as more
variable inputs are added
fixed costs correct answers the costs that an organization incurs even if there is little or no activity
supply correct answers the various quantities of a good or service producers are willing and able to sell at
all possible prices at a particular time
quantity supplied correct answers the name given to the specific amount producers plan to sell at a
particular price
supply curve correct answers the two dimensional graphic model of the relationship between price and
quantity supplied
law of supply correct answers states that as price rises, the quantity supply also rises; vice versa
price effect correct answers What is another name for the law of supply?
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