Of DEMAND and QUANTITY DEMANDED, the one that is only affected by price.
What is QUANTITY DEMANDED
100
The law of diminishing marginal returns says that if units of a resource keep getting added to a fixed resource, eventually this will occur to output
What is it will eventually decrease
100
Insurance and rent are example of this type of cost
What is fixed costs
100
Luxury goods, rather than necessities are an example of this type of good
What is elastic
100
If you sold 100 widgets for $5 each, your total revenue
What is $500
200
Because of the law of demand, price is inversely related to this
What is quantity demanded
200
You will always hire another worker if his/her added output is greater than the amount of his or her this
What is wages
200
You get total cost when you add fixed cost to this
What is variable cost
200
When price is raised and quantity demanded goes down the exact same amount that price increased you have this
What is unit elasticity
200
You would always produce more if your marginal revenue exceeds this
What is marginal cost
300
When this increases, the whole demand curve shifts outward
What is DEMAND
300
If a chess player makes $4 in his 4th game and is paid $5 a game to play, he will decide this
What is not to play the 4th game
300
You get this when you divide total cost by your quantity
What is total average cost
300
The more of this that passes, the more elastic a good becomes
What is time
300
This is what all firms seek to maximize
What is profits
400
If you believe that prices on a good will decrease in the future, then demand for that good now will do this
What is decrease
400
Even though a worker has resulted in diminishing marginal returns, you should still hire him or her if your marginal revenue from that worker is greater than this
What is your marginal cost
400
The change in total cost when you make one more unit
What is marginal cost
400
Insulin, Heart medicine, gasoline
What are examples of inelastic goods
400
When your total revenue exceeds your total costs, you have this
What is profits
500
When income rises, the quantity demanded of this type of good falls
What is inferior goods
500
When we had our valentine experiment some data was messed up a bit because the quality of male workers was not quite at the level of the quality of these workers.
What is the female workers
500
If total cost is greater than total revenue, you have this
What is a loss
500
An inelastic good will have an elasticity that is less than this
What is one
500
To find your total revenue you multiply you quantity sold by this