Economics Chapter 5 Coach Anderson – Flashcards
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Fixed costs plus variable cost added together are called
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total cost
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A tax on the production or sale of a good is called
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an excise tax
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The cost of operating a facility such as a store or factory is called
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operating cost
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The additional income from selling one more unit of a good is called
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marginal revenue
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A level of production in which the marginal product of labor increases as the number of workers increases is called
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increasing marginal returns
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A government payment that supports a business of market is called
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a subsidy
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The cost of producing one more unit of a good is called
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marginal cost
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A government payment that supports a business or market is called
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a subsidy
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Which of the following best fits the definition for the law of supply?
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tendency of suppliers to offer more of a good at higher prices
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A measure of the way quantity supplied reacts to a change in price is called
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elasticity of supply
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A graph of the quantity supplied of a good at different prices is called
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a supply curve
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The amount of goods available for sale is called
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supply
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A graph of the quantity supplied of a good by all suppliers at different prices is called
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a market supply curve
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A government payment that supports a business or market is called
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a subsidy
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A level of production in which the marginal product of labor decreases as the number of workers increases is called
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diminishing marginal returns
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A chart that lists how much of a good all suppliers will offer at different prices is called
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a market supply schedule
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A variable is a factor that can change
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True
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A chart that lists how much of a good a supplier will offer at different prices is called
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a supply schedule
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The change in output from hiring one additional unit of labor is called
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marginal product of labor
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The amount a supplier is willing and able to supply at a certain price is called
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quantity supplied
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Government intervention in a market that affects the production of a good is called
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a regulation
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A cost that does not change, no matter how much of a good is produced is called a
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fixed cost
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A cost that rises or falls depending on how much is produced is called
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a variable cost
