chapter 9 review

section 1
1. its the idea that producers offer more of a good as its price increases and less as its price falls.
2.its a chart that shows the quantity of a good offered at each possible market price.
3.how changes in price affect the quantity supplied.
4.The oil industry and consulting industry would draw new firms into the market if profits of existing business rose.
5.yes the cable television because the more its offered the more it cost.

section 2:
6.its when butter has little margin in it.
7.its a fixed charge: a periodic charge that does not vary with business volume.examples: insurance, rent or mortgage payments etc.)
8.it a cost that varies with the level of output
9.its the total cost for all units bought (or produced) divided by the number of units.
10.then it equals the same.
11. they should say we have to shut down this factory because of some factory problems.

section 3:
12.because of the fall in the cost of an input.
13.subsidy – a government payment that supports a business or market.
14.excise tax is a tax on the creation or sale of product. by the reduce of product.
15. regulations have the government steps in to make rules.
16.because the price supports to farmers and they receive a minimum price of there products.
17.by you can go and get to places.

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