Ch. 3- (part 2)  Supply

Ch. 3- (part 2) Supply

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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21 questions

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1.

FLASHCARD QUESTION

Front

desire and ability of producers to to produce and sell a product

Back

supply

2.

FLASHCARD QUESTION

Front

states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.

Back

Law of Supply

3.

FLASHCARD QUESTION

Front

lists how much of a good or service an individual producer is willing and able to offer for sale at each price.

Back

supply schedule

4.

FLASHCARD QUESTION

Front

What shows the data from a supply schedule in graph form?

Back

supply curve

5.

FLASHCARD QUESTION

Front

the change in total output brought about by adding one more worker

Back

marginal product

6.

FLASHCARD QUESTION

Front

having each worker focus on a particular facet of production

Back

Specialization

7.

FLASHCARD QUESTION

Front

What occurs when hiring new workers causes marginal product to decrease?

Back

diminishing marginal returns

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