Supply
This supply determinant is when a producer has a cheaper way to make their product.
Technology
Jewelry is an example of a _______ product because it is a luxury.
inelastic
Total revenue - total cost =
Profit
This business is owned by two or more people.
Partnership
5%
When supply is easily increase it is...
elastic
This determinant is based on what is trending.
Change in taste
Stop producing.
In this business, you are your own boss.
Proprietorship
The point where supply and demand intersect is called...
the equilibrium point
People believe the price of toilet paper is going to rise causing a supply decrease. What is the determinant?
This determinant is based on the amount of money people are making.
Change in income
Total cost - previous total cost =
This business makes the most revenue.
Corporation
Who controls fiscal policy?
The government
Some examples of this would be CDs, books, and pizza.
Elastic goods
Food is an ________ product because it is a necessity.
inelastic
This cost type isn't dependent on production level.
Fixed
This business is the most common in the US.
Proprietorship
Who controls monetary policy?
The Federal Reserve
Price goes up, supply goes up. Price decreases, supply goes down.
Law of Supply
If price increases, what happens to the quantity demanded?
decrease
This cost type changes with the level of production.
Variable
This business type has specialtists.
Corporation
This Regis teacher has the best jokes.
Mr. Jeffries