Matching
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Identifying Key Terms
Match each term with the correct
statement below. a. | subsidy | h. | increasing marginal
returns | b. | supply schedule | i. | diminishing marginal returns | c. | supply curve | j. | marginal revenue | d. | elasticity of
supply | k. | marginal product of
labor | e. | excise tax | l. | marginal cost | f. | law of supply | m. | market supply schedule | g. | variable
cost |
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1.
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the tendency of suppliers to offer more of a good at a higher price
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2.
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a payment to the government on the production or sale of a good
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3.
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a measure of the way a quantity supplied reacts to a change in price
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4.
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a chart that lists how much of a good a supplier will offer at various
prices
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5.
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a government payment that supports a business or market
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6.
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a level of production in which the marginal production decreases with new
investment
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7.
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the cost of producing one more unit of a good
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8.
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a chart that lists how much of a good all suppliers will offer at different
prices
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9.
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the additional income from selling one more unit of a good
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10.
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the change in output from hiring one additional unit of labor
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Identifying Key Terms
Match each term with the correct
statement below. a. | increasing marginal returns | h. | market supply
curve | b. | diminishing marginal returns | i. | total cost | c. | marginal
revenue | j. | law of
supply | d. | marginal product of labor | k. | variable | e. | marginal cost | l. | elasticity of supply | f. | supply
schedule | m. | regulation | g. | quantity
supplied |
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11.
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the change in output from hiring one additional unit of labor
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12.
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a chart that lists how much of a good a supplier will offer at different
prices
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13.
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the cost of producing one more unit of a good
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14.
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the additional income from selling one more unit of a good
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15.
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a level at which the marginal production goes up with new investment
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16.
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government intervention in a market that affects the production of a
good
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17.
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a factor that can change
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18.
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fixed costs plus variable costs
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19.
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the amount a supplier is willing and able to supply at a certain price
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20.
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a graph of the quantity supplied of a good by all suppliers at different
prices
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