Econ Chapter 5; Section 1-2 Quiz

Created by jrogers

Question or Hint Answer or Word

Supply schedule list how much of a good or service an individual producer is willing and able to offer for sale at each price
market supply curve it shows how much of a good or service all of producers in a market are willing and able to offer for sale at each price
increasing return occurs when hiring new workers causes marginal product to increase
variable cost depends on the level of production output
Profit-maximizing output is the level of production at which a business realizes the greatest amount of profit