Economics chp 4

According to the this law, producers will supply fewer goods at lower prices & more goods at higher prices

• Demand

• Supply

• elasticity

• diminishing returns

The total fixed costs of a company

• total output

• total product

• overhead

• over production

The key motivation behind suppliers' behavior in providing goods to the marketplace

• price

• productivity

• efficiency

• profit

The costs of producing one more unit of output

• marginal costs

• variable costs

• fixed costs

• total costs

When a change in a good's price has little impact on the amount supplied, the supply is said to be

• shifting

• elastic

• unchanging

• inelastic

The change in output that occurs as a result of adding one more unit of input

• marginal product

• total product

• product market

• depreciation

Workers' wages are an example of

• variable costs

• fixed costs

• total costs

• marginal costs

A business makes a profit when its costs of production are less than its

• variable costs

• overhead

• fixed costs

• revenues

If prices of resources rise, supply will

• stabilize

• increase

• decrease

• fluctuate

This is the lessening in value, of capital goods that is included in a company's fixed costs

• Deterioration

• Depreciation

• Declining costs

• capital decline