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Presentation transcript:

th34th39th SUPPLY 40th

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

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