Which costs do business owners incur no matter what the level of production output is?

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Which of these costs are affected by the level of output produced?
When costs that vary with the level of output are divided by the output you have calculated?
What happens to fixed costs when the level of production output reaches zero?
What is the best definition of marginal cost?

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Question	Answer
the sum of all the supply in the economy	aggregate supply
states that producers are willing to sell more of a good or service at a higher price than they are at a lower price	law of supply
A ______________ lists how much of a good or service an individual producer is willing and able to offer for sale at each price.	supply schedule
how much of a good or service all producers in a market are willing and able to offer for sale at each price	market supply schedule
A ____________ shows the data from a supply schedule in graph form.	supply curve
a graph that shows data from a market supply schedule	market supply curve
the change in total output that results from adding one more worker	marginal product
a situation that occurs when individuals or businesses concentrate their efforts in the areas in which they have an advantage for increased productivity and profit	specialization
a situation in which hiring new workers cause marginal product to increase	increasing returns
a situation in which new workers cause marginal product to grow but at a decreasing rate	diminishing returns
expenses that business owners incur no matter how much they produce	fixed costs
business costs that vary with the level of production output	variable costs
the sum of fixed and variable costs	total cost
the additional cost of producing or using one more unit of a good or service	marginal cost
the money made from each additional unit sold	marginal revenue
the income a business receives from selling its products	total revenue
the point in production at which a business has reached its highest level of profit	profit-maximizing output
an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price	change in quantity supplied
a situation in which a change in the marketplace prompts producers to offer different amounts for sale at every price	change in supply
the price of the resources needed to produce a good or service	input costs
the amount of goods and services a person can produce in a given time	labor productivity
the application of scientific methods and innovations to production	technology
a tax on the production or sale of a specific good or service	excise tax
_________ is a set of rules or laws designed to control business behavior.	Regulation
the reduction or elimination of government oversight and control of business	deregulation
a measure of how responsive producers are to price changes in the marketplace	elasticity of supply
Supply is defined as	the willingness and ability of producers to offer goods and services for sale
According to the law of supply, when prices increases,	quantity supplied increases
According to the law of supply, when prices decrease	quantity supplied decreases
Economists use a supply curve to	show the law of supply in graph form
The appearance of a supply curve is	an upward slope, bottom left to top right
A supply schedule is related to a supply curve because	the supply curve shows the data from the supply schedule in graphic form
An ice cream shop surveyed its customers about how many scoops they would buy at different prices. The owner wants to put the information in a format that will visually show the overall pattern. What should she do?	Draw a market supply curve.
The change in total output that results from hiring one additional worker is called	marginal product
What does a marginal product schedule show?	the relationship between labor and marginal product
The additional expense of producing one more unit of a product is called	marginal cost
The difference between fixed costs and variable costs is that	fixed costs remain the same; variable costs depend on how much is produced
Total cost is the sum of	fixed costs and variable costs
Business owners decide on the right number of workers by analyzing data to learn when	profit-maximizing output is reached
Marginal revenue equals	product price
Profit-maximizing output is the point at which	marginal revenue and marginal cost are equal
A business that discovers a decline in profit can best solve the problem by	creating a production costs and revenues schedule to find the profit-maximizing output
The amount of goods and services that a person can produce in a given time is called	labor productivity
Car manufacturers who use robots to do certain jobs on the assembly line are trying to increase supply by	applying new technology
The government uses excise taxes to	decrease the supply of products it doesn't want people to use
Excise taxes reduce supply by	increasing producers' costs and discouraging production
An automobile manufacturer learns that a foreign country is about to tax all the rubber it exports, thus raising prices. What is the carmaker most likely to do?	plan to produce slightly fewer cars after the price of rubber goes up
Manju opens the first Indian restaurant in her city, and it is a success. How will her success most likely affect the number of producers?	Two more Indian restaurants will open, but because of the limited number of customers, one will eventually fail.
The ease of changing production to respond to price change determines	how elastic a supply is
What is supply said to be if a change in price leads to a relatively smaller change in quantity supplied?	inelastic
What increases the elasticity of supply for most goods and services?	time
Which types of industries tend to take a great deal of time to shift the resources of production to respond to price changes?	those that rely on large capital outlays

Which of these costs are affected by the level of output produced?

Fixed costs do not change with an increase or decrease in production levels, so the same value can be spread out over more units of output with increased production. Variable costs refer to costs that change with varying levels of output. Therefore, variable costs will increase when more units are produced.

When costs that vary with the level of output are divided by the output you have calculated?

Marginal cost (MC) is calculated by taking the change in total cost between two levels of output and dividing by the change in output.

What happens to fixed costs when the level of production output reaches zero?

Since fixed costs do not change as output changes, the total fixed cost line is flat at the level of fixed cost. If no production takes place, variable costs are zero. As production increases, total variable costs increase at a decreasing rate, since the marginal product for each additional worker is increasing.

What is the best definition of marginal cost?

Marginal cost refers to the increase or decrease in the cost of producing one more unit or serving one more customer. It is also known as incremental cost.

Which costs do business owners incur no matter what the level of production output is?

Which of these costs are affected by the level of output produced?

When costs that vary with the level of output are divided by the output you have calculated?

What happens to fixed costs when the level of production output reaches zero?

What is the best definition of marginal cost?

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