Economics Ch 5 Review

What is the quantity of a product that producers are willing and able to offer for sale?

• supply
• law of supply
• elasticity of supply
• labor productivity 

What states when price increases, quantity supplied increases, and when price decreases, quantity supplied decreases.

• supply
• law of supply
• elasticity of supply
• marginal product

What is a simple chart which displays quantity supplied called?

• supply
• supply curve 
• supply schedule
• total product

Shows the data of quantity supplied in graph form.

• supply
• supply schedule
• supply curve
• marginal product

The change in total output caused by adding one more worker.

• unit elastic
• marginal product
• specialization
• diminishing returns

Having a worker focus on a particular aspect of production.

• marginal product
• supply
• increasing returns
• specialization

This occurs when hiring new workers causes marginal product to increase.

• increasing returns
• diminishing returns
• marginal product
• unit elastic

What occurs when hiring one additional worker causes marginal product to decrease?

• law of supply
• diminishing returns
• increasing returns
• marginal product

What are the costs that a business owner incurs no matter how much they produce?

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

Business costs that vary as the level of production output changes.

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