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17 Cards in this Set

  • Front
  • Back
Law of Supply
suppliers will offer more of a good at a higher price
market supply schedules
chart that lists how much of a good all suppliers will offer at different prices
market supply curve
the quantity supplied by all producers in a market at diffent prices
elasticity of supply
measuer of the way quantity supplied reacts to a change in price
factors affecting elasticity of supply
amount of goods available
quantity supplied
how much of a good is offered for a sale at a specific price
focus on one task
plus or minus 1
Fixed cost
cost that does not change, regardless of how much of a good is produced, rent &salaries
Variable costs
costs that rise or fall depending on how much is produced-raz materials, some labor costs
marginal cost
cost of producing one more unit of a good
Marginal revenue
the additional income from selling one more unit of a good-usually equal to price
Total Cost
fixed costs plus variable costs
government payment that supports a business or market, cause the supply of a good to increase
excise tax
tax on the production of sale of a good government can reduce the supply of some goods by placing
government steps into a market to affect the price, quantity of a good-usually raises costs