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Rinks Sponge Quiz 4/21/21
Terms in this set (12)
_____ are expenses that the owners of a business must incur no matter how much they produce.
_____ depend on the level of production output.
_____ is the sum of fixed and variable costs.
_____ is the extra cost of production one more unit.
Demand is based on consumer purchases, whereas _____ is based on producers offering products for sale.
The supply curve is a _____ of the demand curve.
What definition is used to explain that new workers cause marginal product to increase?
On the flip side, _____ occur when total output grows at a decreasing rate.
What definition means the change in total output brought from adding one more worker?
What definition means the extra cost of producing one more unit?
A rise or fall in the amount producers offer for sale because a change in price is called?
Change in quantity supplied
A _____ occurs when a change in the marketplace prompts producers to sell different amounts at every price.
change in supply
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