Across
- 5. What is the factor where a group is formed to work together in order to raise prices and increase their profits or revenue?(2 words)
- 6. Wheat farmers in a small town are given a new equipment upgrade that should boost their production, without selling their old equipment. But suddenly, all of their equipment given were broken down. What happens to the supply before and after given the new equipment?(2 words)
- 8. What is the factor where a new policy in a country that raises the cost of production affects the supply called?(2 words)
- 9. What term describes a period in which at least one factor of production is fixed?(2 words)
- 11. What term refers to the percentage change in quantity supplied relative to the percentage change in price?(2 words)
- 13. What happens to the PES of a certain good produced by a producer when they suddenly open a new line of production?(2 words)
- 15. What is the elasticity of supply when the change in price is 25 usd but there is 0 change in quantity supplied?(2 words)
- 17. What is the term for the responsiveness of quantity demanded to a change in price?(2 words)
- 18. The factor when a seller expects a change in profit levels that causes the change in supply is called the …. of seller.
- 19. What is the term when all factors of production involved in making a good are variable called?(2 words)
- 20. What will producers do if the price of a good increases assuming that no other factors have changed?(2 words)
Down
- 1. What is the difference between the market price and the price at which it is prepared to supply called?(2 words)
- 2. A producer has 2 goods being produced, wheat and cocoa beans. But suddenly, the cocoa beans’ market price increased by 25%. At the same time, wheat’s cost of production decreases by 25% as well. What is the producer likely to do in this situation?(2 words)
- 3. What is the factor where a seller predicts a change of price in the future that causes the change of supply is called the expectations of …?(2 words)
- 4. Suppliers often have different goals in what they are selling or supplying. Charities often produce and give out food or sell goods at a lower price. But a certain charity only sells 1 product, and the cost of production suddenly increases, to the point where they no longer gain any sort of profit from it. What are their next course of action?(2 words)
- 7. A fall in price will lead to a fall in quantity supplied or is called …. of supply.
- 10. What type of supply occurs when a price change results in a proportionally equal change in quantity supplied?(2 words)
- 12. When the price of wheat increases, what happens to the supply curve of cocoa beans ceteris paribus?(2 words)
- 14. Bob is ready to sell wheat with as little as $80 per pound, though consumers are prepared to buy it at $106. In a supply curve, the quantity supplied at $80 is 60,000 pounds while 64,000 pounds of wheat is supplied at the price of $106. What is the area of the producer surplus?(answer per digit in words;ex= 134 -> onethreefour)
- 16. Major US wheat farmers are dominating the market and can supply the entirety of the demand of wheat from their own country. Say Bob is also a wheat farmer and has a reserve of 50,000 tonnes of wheat but can’t find demand for his wheat as it is already fulfilled by major wheat farming companies. What is the supply of Bob?(statement of number: ex= one,two,three)