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

Supply and Demand Vocab Whole Unit Flashcard

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Katherine R Fowler
FREE Resource
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21 questions
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1.
FLASHCARD QUESTION
Front
Back
Fixed Costs
2.
FLASHCARD QUESTION
Front
The economic law that states that consumers will buy more of a good when the price decreases.
Back
Law of Demand
3.
FLASHCARD QUESTION
Front
A government payment that supports a business or market.
Back
Subsidy
4.
FLASHCARD QUESTION
Front
The additional income from selling one more unit of a good
Back
Marginal Revenue
5.
FLASHCARD QUESTION
Front
Goods used in place of one another.
Back
Substitutes
6.
FLASHCARD QUESTION
Front
Total amount of money the company receives from selling its goods or services.
Back
Total Revenue
7.
FLASHCARD QUESTION
Front
The cost of producing one more unit of a good
Back
Marginal cost (MC)
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