Econ

In an individual supply curve we focus on the relationship, where _____ lead(s) to an increase in the _____.

higher prices; quantity supplied

In the competitive market, the _____ states that you should sell one more item if the price is greater than (or equal to) the marginal cost.

Rational Rule for Sellers

Lower _ make it profitable to sell a _ at any given price.

marginal costs; larger quantity

_____ are a type of supplier who take the market price as given and just follow along.

price - takers

On the individual supply curve, _____ prices lead to _____ in the quantity supplied.

lower a decrease

The _____ is the extra cost from producing one extra unit.

marginal cost

The _____ reminds you that your best choice as a seller depends on many other factors beyond price.

interdependence principle

When you draw an individual supply curve, price goes on the _____ and quantity is on the _____.

vertical axis; horizontal axis

The Rational Rule for Sellers puts together the advice from three of the four principles in one sentence, excluding the:

interdependence principle.

Substitutes-in-production are:

alternative uses of your production capacity.

When graphing the supply curve, we focus on how a price and quantity supplied have a(n) _____ while other variables _____.

direct relationship; remain constant

Fixed costs are those costs that:

don't vary when you change the quantity of output you produce.

When your suppliers decrease the prices of your inputs, they decrease your _____, and this will shift your supply curve to the _____.

marginal costs; right

When your suppliers increase the prices of your inputs, they increase your _____, and this will shift your supply curve to the _____.

marginal costs; left

If an oil refinery can supply 5 million gallons per week when the price is $1 per gallon, what will be the market quantity supply for 40 refineries having the same supply decisions?

200 mil gallons

The Rational Rule for Sellers is important but does NOT:

tell sellers how to set the price against the competitors

For each _____, the market supply curve illustrates the _____ by the market.

price total quantity supplied

When your suppliers decrease the prices of your inputs, they decrease your _____, and this will shift your supply curve to the _____.

marginal costs; right

In the _____ diminishing marginal product can occur when some of your _____ are fixed.

short run; inputs

The independence principle tells the sellers that there are many other factors beyond price that can either increase or decrease the market supply. Under this circumstance, you would see that:

the supply curve shifts either to the left or right

The individual supply curve is _____ because at higher gas prices, a supplier plans to supply a _____ quantity.

upward-sloping; larger

A shift in the supply curve is a:

movement of the supply curve itself