SUPPLY

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SUPPLY
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What is a cost that does not change no matter how
much of a good is produced?
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fixed cost
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What is the cost of running a facility, such as a
store or factory?
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operating cost
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What is the cost of producing one more unit of a
good?
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marginal cost
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What is a payment to the government on the
production or sale of a good?
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excise tax
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What is a level of production in which the
marginal production decreases with new investment?
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diminishing marginal returns
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What is the amount of goods available called?
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supply
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What is government intervention in a market that
affects the production of a good?
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regulation
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What is the additional income from selling one
more unit of a good?
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marginal revenue
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Name this U.S. President of the past.
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Franklin D. Roosevelt
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What is a measure of the way a quantity supplied
reacts to a change in price?
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elasticity of supply
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What is a graph of the quantity supplied of a
good at different prices?
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supply curve
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What is a chart that lists how much of a good a
supplier will offer at different prices?
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supply schedule
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What is a graph of the quantity supplied of a
good by all suppliers at different prices?
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market supply curve
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What is the tendency of suppliers to offer more
of a good at a higher price?
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law of supply
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Name this U.S. President of the past.
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Harry S Truman
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What are fixed costs plus variable costs?
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total cost
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Name this U.S. President of the past.
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Teddy Roosevelt
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What is a chart that lists how much of a good all
suppliers will offer at different prices?
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market supply schedule
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What is the amount a supplier is willing and able
to supply at a certain price?
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quantity supplied
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What is a level at which the marginal production
goes up with new investment?
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increasing marginal returns
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What is a factor that can change called?
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variable
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What is a cost that rises or falls depending on
how much is produced?
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variable cost
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Name this U.S. President of the past.
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Ulysses S. Grant
48
What is a government payment that supports a
business or market?
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subsidy
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What is the change in output from hiring one
additional unit of labor?
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marginal product of labor