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Get faster at matching terms This is the vocab from chapter 5 of Pearson's Economics. Terms in this set (27)supply the amount of goods available law of supply producers offer more of a good as its price increases and less as its price falls quantity supplied the amount a supplier is willing and able to supply at a certain price variable a factor that can change supply schedule a chart that lists how much of a good a supplier will offer at various prices market supply schedule a chart that lists how much of a good all suppliers will offer at various prices supply curve a graph of the quantity supplied of a good at various prices market supply curve a graph of the quantity supplied of a good by all suppliers at various prices elasticity of supply a measure of the way quantity supplied reacts to a change in price marginal product of labor the change in output from hiring one additional unit of labor
increasing marginal returns a level of production in which the marginal product of labor increases as the number of workers increases diminishing marginal returns a level of production in which the marginal product of labor decreases as the number of workers increases fixed cost a cost that does not change, no matter how much of a good is produced variable cost a cost that rises or falls depending on the quantity produced total cost the sum of fixed costs plus variable costs. marginal cost the cost of producing one more unit of a good marginal revenue the additional income from selling one more unit of a good; sometimes equal to price average cost the total cost divided by the quantity produced operating cost the cost of operating a facility, such as a store or factory subsidy a government payment that supports a business or market excise tax a tax on the production or sale of a good regulation government intervention in a market that affects the production of a good
why do firms increase production when the price of a good goes up to encourage new firms to join the market which will add to the quantity supplied of the good fixed costs include 1. rent variable costs include 1.
price of raw materials why should a firm keep a money-losing factory open? if the total revenue from the goods is greater than the cost of keeping the factory open when is a firm likely to locate close to its consumers? depends on transporting costs Sets with similar termsEconomics Chapter 522 terms oceanoyster Economics Ch.5 Vocabulary24 terms ariel_smith Chapter 5 Supply Vocabulary22 terms Bidhu Economics Chapter 5 section 122 terms xxsivan Sets found in the same folderEconomy: Chapter 727 terms cmr192 Econ quiz 117 terms annaholder12345 Econ: Chapter 6 Test28 terms jessicable Economy: Chapter 225 terms annaholder12345 Other sets by this creatoremotions exam 463 terms gipir cognition exam 465 terms gipir emotions exam 352 terms gipir cog psych exam 362 terms gipir Verified questionsECONOMICS How did the Sherman Antitrust Act affect the monopolies of Standard Oil Trust and the American Tobacco Company? Verified answer ECONOMICS How does a business franchise work? Verified answer
ECONOMICS The National Safety Council reported that 52 percent of American turnpike drivers are men. A sample of 300 cars traveling southbound on the New Jersey Turnpike yesterday revealed that 170 were driven by men. At the .01 significance level, can we conclude that a larger proportion of men were driving on the New Jersey Turnpike than the national statistics indicate? Verified answer
ECONOMICS Which of the factors affecting population growth will have the greatest impact on the United States in the next 50 years? Why? Verified answer Other Quizlet setsvestibular system24 terms morgan_chabot6 Orgo 6: Aldehydes and Ketones 1 (electrphilic, red…21 terms Leona_Tomy9 GOVT 2306: Chapters 5-8 Quizzes33 terms vivianpvy West Civ Quotes (Exam III-Quotes)25 terms ryan_stamps Related questionsQUESTION Circular flow model is a model of the economy that shows... 8 answers QUESTION What do economists assume is true about most individuals? How does this guide the economy? 7 answers QUESTION If the world price is below the US domestic price, then US exports will 2 answers QUESTION Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the 15 answers What does a higher price for a good tell a producer of that good?Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.
Why are suppliers willing to produce more when price is higher?Producers supply more at a higher price because the higher selling price justifies the higher opportunity cost of each additional unit sold.
Why do producers produce less when prices are low?Producers with lower costs will always be able to supply more of a product at a given price than those with higher costs. Therefore, a decrease in producers' costs will increase the supply. Conversely, if production costs increase, the quantity supplied at a given price will decrease.
What is said to occur when the price of a good increases?The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.
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When producers offer more of a good as its price increases and less as its price falls this defines the?
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