Supply and Demand Vocab Whole Unit Quiz

Cost that does not change regardless of how much of a good is produced.

• Variable Costs

• Fixed Costs

• Total Cost

• Marginal Revenue

The economic law that states that consumers will buy more of a good when the price decreases.

• Law of Demand

• Demand Curve

• Law of Supply

• Market Demand

A government payment that supports a business or market.

• Law of Supply

• Subsidy

• Total Revenue

• Surplus

The additional income from selling one more unit of a good

• Total Revenue

• Total Cost

• Fixed Costs

• Marginal Revenue

Goods used in place of one another.

• Surplus

• Inelastic

• Complements

• Substitutes

Total amount of money the company receives from selling its goods or services.

• Marginal Revenue

• Total Revenue

• Market Demand

• Total Cost

The cost of producing one more unit of a good

• Total cost

• Marginal cost (MC)

• Average fixed cost (AFC)

• Average variable cost (AVC)

A table that lists the quantity of a good all consumers in a market will buy at each different price.

• Demand Curve

• Market Demand

• Law Of Demand

• Demand Schedule

Fixed cost plus variable cost

• Total Cost

• Total Revenue

• Fixed Costs

• Marginal Revenue

Table that lists the quantity of a good a person will buy at each different price.

• Market Demand

• Market Supply Schedule

• Demand Schedule

• Demand Curve