Elasticity of Demand and Chapter 5 (Supply)

Supply is defined as

• The ability of consumers to buy products

• The ability of suppliers to supply products

• The willingness and ability of producers to offer goods and services for sale

• The willingness to pay workers

For the law of supply, when price decreases

• Supply Decreases

• Supply Increases

• Demand Increases

• Demand decreases

For the law of supply, when price increases

• Supply increases

• Supply decreases

Which cost must a business pay no matter their output?

• Variable costs

• Marginal cost

• Marginal Labor

• Fixed Costs

True or False: Variable costs vary based on output of a producer

• True

• False

The combined variable and fixed costs for a business is called

• Variable Cost

• Fixed Cost

• Total Bills

• Total Cost

According to the six factors of supply, what is the amount of goods and services a person produces in a given time?

• Labor Input

• Work

• Labor output

• labor productivity

The assembly line allows for...

• Workers to make an entire product by themselves

• A worker completes a specific step in the manufacturing process

• More goods to be produced

• inefficient use of resources

According to the six factors, the newest features of an Iphone is...

• Technology

• Number of producers

• Input costs

• Labor productivity

What is it called if a producer changes the supply based on price?

• Demand Elasticity

• How much a government has regulated a product

• How elastic supply is

• How much it costs a business