Show:
Intro to Supply
Business Costs and Variables
Theory of Production
Vocabulary
A Rapper By Any Other Name
100
Graph showing quantity supplied at all possible prices on the market.
What is a Supply Curve?
100
Another term for fixed costs
What is Overhead?
100
Stage of Production where marginal output begins to decrease.
What is Stage Two?
100
Period of production where all variables can be changed.
What is the long run?
100
Sean Corey Carter
What is Jay-Z?
200
Sum of all individual supply curves for a particular product.
What is a market supply curve?
200
Most common variable cost, adjusted during the the short run.
What is Labor?
200
Marginal Revenue is always equal to this.
What is Price?
200
Cost a business incurs even if there is little or no business activity.
What is a fixed cost?
200
Stanley Kirk Burrell
Who is MC Hammer?
300
According to the Law of Supply, if the price increases, then the Quantity Supplied will do this.
What is Increase?
300
Extra cost incurred to produce one more unit of output.
What is Marginal Cost?
300
When the rate of total production begins to slow down the firm is operating in this stage of production.
What is Stage Three?
300
Government payment to encourage or protect an economic activity
What is a subsidy?
300
Curtis James Jackson III
Who is 50 Cent?
400
On a graph, an increase in supply will result in the curve moving in this direction.
What is Right?
400
E-Commerce is popular because it allows retailers to reduce these.
What are fixed costs or overhead?
400
Stage of Production where both Marginal Output and Total Output increases.
What is Stage One?
400
Production Point where total cost equals total revenue.
What is the Break-Even Point?
400
Clifford Joseph Harris, Jr
Who is T.I.?
500
Measure of how the quantity supplied responds to a change in price.
What is Supply Elasticity?
500
Profits will be maximized when marginal cost is _______ to marginal revenue
What is Equal?
500
The theory of production deals with the relationship between the factors of production and this.
What is OUTPUT of goods and services?
500
Equals the number of units sold multiplied by the average price per unit
What is Total Revenue?
500
Christopher George Latore Wallace
Who is the Notorious B.I.G. ?