Supply Review

As the price of milk increases, producers are normally willing to supply greater quantities. This statement illustrates the law of

• Demand
• Profitability
• Supply
• Gravity

A table showing the relationship between prices and quantities supplied is a

• Demand Schedule
• Demand Curve
• Supply Schedule
• Supply Curve

A graph showing the relationship between price and quantity supplied is called

• Demand Schedule
• Demand Curve
• Supply Schedule
• Supply Curve

The sum of the fixed and variable costs is known as

• overhead
• total cost
• supply cost
• marginal cost

As production increases, total fixed costs

• increase
• decrease
• remain constant
• decrease then increase

Costs that increase with the amount produced are called

• variable costs
• changing costs
• fixed costs
• operating costs

If a firm can react quickly to increase production and take advantage of higher prices for its products, then supply is likely to be

• elastic
• inelastic
• variable
• fixed

The cost of producing one more unit is called the

• Total Cost
• Sunk Cost
• Maximum Cost
• Marginal Cost

Which of the following would most likely INCREASE the supply of pizza in town

• cost of tomato sauce increase
• two pizza restaurants go out of business
• the technology of pizza ovens is improved
• the minimum wage is increased

Which of the following would cause the supply curve to shift to the left

• decrease in cost of resources
• a strike by workers
• increase in technology
• it is not possible to tell