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Economics Chapter 5 Coach Anderson

Fixed costs plus variable cost added together are called
total cost
A tax on the production or sale of a good is called
an excise tax
The cost of operating a facility such as a store or factory is called
operating cost
The additional income from selling one more unit of a good is called
marginal revenue
A level of production in which the marginal product of labor increases as the number of workers increases is called
increasing marginal returns
A government payment that supports a business of market is called
a subsidy
The cost of producing one more unit of a good is called
marginal cost
A government payment that supports a business or market is called
a subsidy
Which of the following best fits the definition for the law of supply?
tendency of suppliers to offer more of a good at higher prices
A measure of the way quantity supplied reacts to a change in price is called
elasticity of supply
A graph of the quantity supplied of a good at different prices is called
a supply curve
The amount of goods available for sale is called
supply
A graph of the quantity supplied of a good by all suppliers at different prices is called
a market supply curve
A government payment that supports a business or market is called
a subsidy
A level of production in which the marginal product of labor decreases as the number of workers increases is called
diminishing marginal returns
A chart that lists how much of a good all suppliers will offer at different prices is called
a market supply schedule
A variable is a factor that can change
True
A chart that lists how much of a good a supplier will offer at different prices is called
a supply schedule
The change in output from hiring one additional unit of labor is called
marginal product of labor
The amount a supplier is willing and able to supply at a certain price is called
quantity supplied
Government intervention in a market that affects the production of a good is called
a regulation
A cost that does not change, no matter how much of a good is produced is called a
fixed cost
A cost that rises or falls depending on how much is produced is called
a variable cost

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