Econ 23

Usually Rises as the rate of production increases.

• Marginal Cost
• Entrepreneurship
• Market Competitionfor option 3 (optional)
• Decrease
• Rhule

The various amounts of something a producer is willing and able to sell at different possible prices.

• Supply
• Marginal Cost
• Entrepreneurship
• Price System
• suppy

Exists when the price effect is substantial.

• Elastic Supply
• Supply
• Marginal Cost
• Market Competition
• Price effect

People want to sell less of a product at all possible prices.

• Decrease in Supply
• Elastic Supply
• Supply
• Marginal Cost
• Market Competition

Producers want to sell more at higher prices than at lower prices.

• Price Effect
• Decrease in Supply
• Elastic Supply
• Supply
• Marginal Cost

Exists when the price effect is small.

• =- Inelastic Supply
• Price Effect
• Decrease in Supply
• Elastic Supply
• Supply

=- A product is produced at A constant marginal cost when

• the company's total cost rises by the same amount every time it increases production by one unit.
• =- Inelastic Supply
• Price Effect
• Decrease in Supply
• Elastic Supply

=- If the price of beef rises and remains at A constant rate, then over time the Supply of beef becomes more

• elastic because ranchers have more time to bring resources into cattle production.
• the company's total cost rises by the same amount every time it increases production by one unit.
• =- Inelastic Supply
• Price Effect
• Decrease in Supply

=- In A market economy, producers get more of A product by

• offering producers more money in exchange for the product.
• elastic because ranchers have more time to bring resources into cattle production.
• the company's total cost rises by the same amount every time it increases production by one unit.
• =- Inelastic Supply
• Price Effect

If bad weather destroys much of the Halloween Pumpkin Crop, then growers will

• offer pumpkins at each and every price.
• offering producers more money in exchange for the product.
• elastic because ranchers have more time to bring resources into cattle production.
• the company's total cost rises by the same amount every time it increases production by one unit.
• =- Inelastic Supply