Chap. 5

Without this, demand would never become satisfied Yes, it’s the world of ___1___

Supply is a bit more complicated than demand ,[object Object],[object Object]

The Law of Supply ,[object Object]

Change in Quantity Supplied ,[object Object]

If prices fall too low what are the two options that a producer faces? ,[object Object],[object Object]

When ___8____rise, then the supplier can step up production. ,[object Object]

A change in supply is different than change in quantity supplied. ,[object Object]

There are many factors that can cause a change in supply. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

And just like there is elasticity of demand there is also elasticity of supply. ,[object Object]

[object Object],[object Object]

Question 20 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Theory of Production ,[object Object],[object Object]

Stage Two-Diminishing Returns ,[object Object],[object Object]

[object Object],[object Object],[object Object]

Question 21-A company,therefore, that wants to maximize output wants ,[object Object],[object Object],[object Object]

Suppliers have to deal with cost of production ,[object Object],[object Object],[object Object],[object Object]

Fixed Costs ,[object Object],[object Object],[object Object],[object Object]

Variable Costs ,[object Object],[object Object],[object Object],[object Object]

Total cost is simply adding fixed and variable costs. ,[object Object],[object Object]

For a business to survive it must break even. ,[object Object],[object Object]

Marginal Analysis-25 ,[object Object],[object Object],[object Object],[object Object],[object Object]

Huge,huge hint:MR=MC Marginal Revenue=Marginal Cost

Chap. 5

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Chap. 5