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Supply Supply Changes and Elasticity Production Function Profit Maximization Demand
100
What is Supply?
The amount of a product that would be offered at all possible prices that could prevail in the market
100
What is a Change in Quantity Supplied?
The change in amount offered for sale in response to a change in price
100
What is the Theory of Production?
The relationship between the factors of production and the output of goods and services
100
What are the Measures of Cost?
Fixed (or overhead), variable, total, and marginal
100
What is Demand?
The desire, ability, and willingness to buy a product
200
What is the Law of Supply?
This economic principle says that suppliers will normally offer more for sale at high prices and less at lower prices
200
What is a Change in Supply?
When suppliers offer different amounts of products for sale at all possible prices in the market?
200
What is the Law of Variable Proportions?
This states that, in the short run, output will change as one input is varied while the others are held constant
200
What are the Measures of Revenue?
Total and marginal only
200
What is the Law of Demand?
This states that the quantity demanded of a good or service varies inversely with its price
300
What is a Supply Schedule?
A listing of the various quantities of a particular product supplied at all possible prices in the market
300
What are the Change in Supply?
Cost of inputs, productivity, technology, taxes and subsidies, expectations, government regulations, and number of sellers can each cause this
300
What is a Production Function?
This schedule and graph illustrate the Law of Variable Proportions
300
What is Marginal Analysis?
A type of cost-benefit decision making that compares the extra benefits to the extra costs of an action
300
What is a Change in Demand?
Consumer income, consumer tastes, substitutes, complements, change in expectations, and number of consumers can each cause this?
400
What is a Supply Curve?
A graph showing the various quantities supplied at each and every price that might prevail in the market
400
What is Supply Elasticity?
a measure of the way in which quantity supplied responds to a change in price, of which there are 3 types
400
What is Marginal Product
The extra output or change in total product caused by the addition of one more unit of variable input (usually workers)
400
What is the Break-Even Point?
The total output or total product the business needs to sell in order to cover its total cost
400
What is Demand Elasticity?
The extent to which a change in price causes a change in the quantity demanded
500
What is a Market Supply Curve?
This shows the quantities offered at various prices by all firms that offer the product for sale in a given market
500
What are the Determinants of Supply Elasticity?
Unlike demand, these are production considerations only
500
What are the Stages of Production?
Increasing returns, diminishing returns, and negative returns occur during these
500
What is the Profit-Maximizing Quantity of Output?
This is reached when marginal cost and marginal revenue are equal?
500
What is a Total Expenditures Test?
Looking at the impact of a price change on the amount that consumers spend on a product at a particular price is also known as this






Supply and Demand

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