Supply and Demand

Front

The slope is down from left to right. What does this curve represent?

Back

demand

Front

The Law of Supply states that?

Back

more product will be offered for sale at higher prices than lower prices

Front

Which stage of the production function increases the marginal product with each additional worker? Options: Stage I, Stage II, Stage III, Stage IV

Back

Stage I

Front

If the price of a good or service increases, what will happen to the demand for it?

Back

decrease

Front

What is it called when there is not enough of a good to meet the demand?

Back

shortage

Front

The law of demand states that if the price of CD’s rise, consumers will?

Back

Buy fewer CDs

Front

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

Back

The price will go up.

Front

Costs that an organization incurs even when there is little or no activity are known as overhead, or what other term?

Back

Fixed

Front

What stage of the production function operates on the principle of diminishing returns, marginal products are still positive, but they decrease steadily?

Back

Stage II

Front

The law of supply states that if the price of CD’s rise, suppliers will?

Back

Supply more CDs