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100
This is another term for total fixed cost:
What is overhead?
100
Situation in which suppliers offer different amounts of products for sale at all possible prices:
What is a change in supply?
100
Sum of fixed and variable costs:
What is total cost?
100
Period of production that is too short for any adjustments in production except changes in labor.
What is short run?
100
Amount of a product that would be offered for sale at all possible prices:
What is supply?
200
Rent payments and property taxes would be counted as what types of costs?
What is fixed?
200
When employees are getting in each other's way, the firm is operating in Stage:
What is III of production?
200
Principle that states that in the short run, output will change if only one input is varied
What is Law of Variable Proportions?
200
Total output produced by a firm:
What is total product?
200
Period of production that's long enough for adjustments in all resources:
What is long run?
300
When producers offer fewer products for sale at each and every price, this happens to the supply curve:
What is shifts to the left?
300
Principle that suppliers will normally offer more for sale at high prices and less at lower prices.
What is the Law of Supply?
300
Total product a firm must sell to cover its total costs:
What is break-even point?
300
Cost a business incurs even if nothing is produced:
What is fixed cost?
300
A graph that shows the quantities of a product offered at various prices by all firms that offer the product.
What is a market supply curve?
400
Measure of the way in which quantity supplied responds to changes in price:
What is supply elasticity?
400
Government payment to encourage or protect an economic activity:
What is subsidy?
400
Cost that changes when the rate of operation or output changes:
What is variable cost?
400
Extra cost incurred when a business produces one additional unit of a product:
What is marginal cost?
400
Many businesses are engaging in e-commerce because:
What is fixed costs are minimal?
500
The theory of production deals with the relationship between the factors of production and:
What is the output of goods and services?
500
The level of profit-maximizing output is reached when marginal cost is equal to:
What is marginal revenue?
500
The supply of a product normally decreases if:
What is taxes on the product increase?
500
Profits will be maximized when marginal revenue equals:
What is marginal cost?
500
Unprocessed natural products used in production:
What are raw materials?