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Chapter 5 Study Guide II
Chapter 5 Study Guide II
PART I DIRECTIONS:
1.
2.
PART II DIRECTIONS:
1.
2.
CHANGE IN
CHANGE IN
POINT
QUANTITY
SUPPLY
DIMINISHING
SUPPLIED
ELASTICITY OF
FIXED COSTS
INCREASING
RETURNS
INPUT COSTS
SUPPLY
LAW OF SUPPLY
MARGINAL COST
RETURNS
MARGINAL
PROFIT
PRODUCT
SUPPLY
MARGINAL
PRODUCTIVITY
REVENUE
SUPPLY CURVE
VARIABLE COST
MAXIMIZING
SUPPLY
OUTPUT
TOTAL PRODUCT
TOTAL REVENUE
SCHEDULE
_______ is the quantity of a product that producers are willing and able to offer
for sale. According to the ________, when price increases, quantity supplied
increases, and when prices decreases, quantity supplied decreases. Quantity
supplied can be displayed on a chart called a ______ or on a graph called a
__________.
________ is the change in ______ caused by hiring one additional worker.
When marginal product begins to decrease, production is in the stage of
________ .
Total cost is the sum of ________ and variable costs.
_______ is the additional cost of producing one more unit. When marginal cost
equals ________, a company has reached __________.
A ________ occurs when producers are willing to sell different amounts of a
product at every price. The six factors that change supply are input costs,
________, technology, government action, producer expectations, and number of
producers.
The term _______ describes how responsive producers are to price changes.
It is measured by comparing ________ to change in price.