Download Ch.5 Vocabulary Quiz _____ Name period A. Law of supply H

Ch.5 Vocabulary Quiz
A.
B.
C.
D.
E.
F.
G.
Law of supply
Quantity supplied
Supply schedule
Variable
Market supply schedule
Supply curve
Market supply curve
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Name
period
H.
I.
J.
K.
L.
M.
N.
elasticity of supply
Marginal product of labor
increasing marginal returns
diminishing marginal returns
fixed cost
variable cost
total costs
O.
P.
Q.
R.
S.
T.
marginal costs
marginal revenue
operating costs
subsidy
excise tax
regulation
_____1. A tax on the production or sale of a good.
_____2. The cost of operating a facility, such as a store or factory.
_____3. A chart that lists how much of a good a supplier will offer at different prices.
_____4. A cost that does not change, no matter how much of a good is produced.
_____5. A government payment that supports a business or market.
_____6. A level of production in which the marginal product of labor increases as the number of workers increases.
_____7. The change in output from hiring one additional unit of labor.
_____8. Tendency of suppliers to offer more of a good at a higher price.
_____9. A graph of the quantity supplied of a good at different prices.
_____10. A level of production in which the marginal product of labor decreases as the number of workers increases.
_____11. Government intervention in a market that affects the production of a good.
_____12. A cost that rises or falls depending on how much is produced.
_____13. Fixed costs plus variable costs.
_____14. A factor that can change.
_____15. A graph of the quantity supplied of a good by all suppliers at different prices.
_____16. The cost of producing one more unit of a good.
_____17. A measure of the way quantity supplied reacts to a change in price.
_____18. The amount a supplier is willing and able to supply at a certain price.
_____19. A chart that lists how much of a good all suppliers will offer at different prices.
_____20. The additional income from selling one more unit of a good; sometimes equal to price.
KEY
1. S
2. Q
3. C
4. L
5. R
6. J
7. I
8. A
9. F
10. K
11. T
12. M
13. N
14. D
15. G
16. O
17. H
18. B
19. E
20. P