Chapter 5 Supply

The amount of a good that a producer is willing to sell at a specific price

• Supply

• Law of Supply

• Demand

• Law of Demand

The Law of Supply states that as prices go up...

• Supply will decrease

• Demand will decrease

• Supply will increase

• Everything will stay the same

The Law of Supply states that as prices go down...

• Demand will increase

• Supply will decrease

• Supply will increase

• Everything will stay the same

The forecast for next week is in the 10s. The supply of winter coats will ________ due to _______.

• Decrease, tastes and preferences.

• Increase, expectations.

• Remain Constant, expectations.

• Decrease, change in price.

The car company had a fire and all robots that build cars were destroyed. Supply of cars will ______ due to ______.

• Increase, income

• Increase, expectations

• remain constant, technology

• decrease, technology

A graph that shows the quantities supplied at each and every possible price in the market.

• supply curve
• supply schedule
• market supply curve
• Law of Supply

A table showing the quantities produced or offered for sale at each and every possible price in the market at a given point in time.

• supply schedule
• demand schedule
• supply curve
• market supply curve

Amount offered for sale at a given price; point on the supply curve.

• change in quantity supplied
• change in supply
• quantity supplied
• none of the above

Costs of production that do not change when output changes

• total costs
• marginal costs
• fixed costs
• overhead

Production cost that varies as output changes; labor, energy, raw materials

• variable cost
• marginal cost
• total cost
• fixed costs