36th 34th 39th SUPPLY 40th 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500
What is a graph of the quantity supplied of a good at different prices?
supply curve
What is a chart that lists how much of a good a supplier will offer at different prices?
supply schedule
What is a graph of the quantity supplied of a good by all suppliers at different prices?
market supply curve
What is the tendency of suppliers to offer more of a good at a higher price?
law of supply
Name this U.S. President of the past.
Lyndon B. Johnson
What is a factor that can change called?
variable
What is a cost that rises or falls depending on how much is produced?
variable cost
Name this U.S. President of the past.
Dwight Eisenhower
What is a government payment that supports a business or market?
subsidy
What is the change in output from hiring one additional unit of labor?
marginal product of labor
What is the amount of goods available called?
supply
What is government intervention in a market that affects the production of a good?
regulation
What is the additional income from selling one more unit of a good?
marginal revenue
Name this U.S. President of the past.
Jimmy Carter
What is a measure of the way a quantity supplied reacts to a change in price called?
elasticity of supply
What is a cost that does not change no matter how much of a good is produced?
fixed cost
What is the cost of running a facility, such as a store or factory?
operating cost
What is the cost of producing one more unit of a good?
marginal cost
What is a payment to the government on the production or sale of a good?
excise tax
What is a level of production in which the marginal production decreases with new investment?
diminishing marginal returns
What are fixed costs plus variable costs?
total cost
Name this U.S. President of the past.
Ronald Reagan
What is a chart that lists how much of a good all suppliers will offer at different prices?
market supply schedule
What is the amount a supplier is willing and able to supply at a certain price?
quantity supplied
What is a level at which the marginal production goes up with new investment?
increasing marginal returns