Term
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Definition
| Causes a change in Quantity Supplied |
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Term
| Shifts up on the supply curve |
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Definition
| If price increases, quantity supplied |
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Term
| Shifts down on the supply curve |
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Definition
| If price decreases, quantity supplied |
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Term
| Shift to the left (decrease) |
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Definition
| An increase in taxes causes the supply curve to |
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Term
| Shift to the right (Increase) |
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Definition
| An increase in the number of sellers causes the supply curve to |
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Term
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Definition
| As prices increase, quantity supply |
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Term
| Shift to the left (decrease) |
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Definition
| An increase in regulations causes the supply curve to |
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Term
| Shift to the left (Decrease) |
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Definition
| An increase in the cost of raw materials causes the supply curve to |
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Term
A. The % Change in Qs > the % change in Price
and
D. If price increases, more of the product can be supplied immediately |
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Definition
What determines whether supply is elastic?
A. The % Change in Qs > the % change in Price
B. The % Change in Qs < the % change in Price
C. If the price increases it takes time to supply more of the product
D. If price increases, more of the product can be supplied immediately |
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Term
| Fixed plus Variable Costs |
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Definition
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Term
Total Product Increases
Marginal Product Increase |
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Definition
During Stage I of the Production Schedule
Total Product:
Marginal product: |
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Term
Total Product: Increases
Marginal product: Diminishes |
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Definition
During Stage II of the Production Schedule
Total Product:
Marginal product: |
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Term
Total Product: Decreases
Marginal Product: Becomes Negative |
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Definition
During Stage III of the Production Schedule
Total Product:
Marginal product: |
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Term
| Total revenue - Total Costs |
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Definition
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Term
| Total Revenue = Total Costs |
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Definition
| The Break-Even Point occurs when |
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Term
| Marginal Revenue = Marginal Costs |
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Definition
| Profit Maximization Level of Output occurs when |
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Term
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Definition
| The variable input on the Production Function/Schedule is |
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Term
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Definition
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Term
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Definition
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Term
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Definition
Type of Cost
Research and Development |
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Term
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Definition
Type of Cost
repairs/maintenance |
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Term
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Definition
Type of Cost
raw materials |
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Term
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Definition
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Term
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Definition
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Term
| Utilities and Variable Costs |
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Definition
| Water, Electricity, and Gas are considered |
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Term
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Definition
| e-Commerce advantage over traditional stores |
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Term
| Increase in quantity supply |
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Definition
[image]
What is a movement from A1 to B1 called? |
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Term
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Definition
[image]
What is a movement from A1 to A called? |
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Term
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Definition
[image]
What is a movement from B to B1 called? |
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Term
| Increase in quantity supply |
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Definition
[image]
What is a movement from A to B called? |
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Term
| Decrease in quantity supply |
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Definition
[image]
What is a movement from B to A called? |
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