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24 Cards in this Set
- Front
- Back
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supply
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the amount of goods available
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law of supply
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tendency of suppliers to offer more of a good at a higher price
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quantity supplied
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the amount a supplier is willing and able to supply at a certain price
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promise of increased revenues
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prices are high encourages firms to produce more
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supply schedule
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a chart that lists how much of a good a supplier will offer at different prices
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variable
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a factor that can change
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market supply schedule
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a chart that lists how much of a good all suppliers will offer at different prices
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supply curves
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a graph of the quantity supplied of a good at different prices
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market supply curve
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a graoh of the quantity supplied of a good by all suppliers at different prices
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elasticity of supply
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a measure of the way quantity supplied reacts to a chage in price
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inelastic supply
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supply is not very responsive to changes in price, unresponsive to change
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elastic supply
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supply is very sensitive to changes in price
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marginal product of labor
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the change in output from hiring one additional unit of labor
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increasing marginal returns
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a level of production in which the marginal product of labor increases as the number of workers increases
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diminishing marginal returns
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a level of production in which the marginal product of labor decreases as the number of workers increases
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fixed cost
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cost that does not change, now matter how much of a good is produced
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variable cost
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a cost that rises or falls depending on how much is produced
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total cost
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fixed costs plus variable costs
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marginal cost
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the cost of producing one more unit of a good
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marginal revenue
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the additional income from selling one more unit of a good; usually equal to the price
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operating cost
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the cost of operating a facility, such as a store or factory
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subsidy
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a government payment that supports a business or market
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excise tax
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a tax on the production or sale of a good
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regulation
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government intervention in a market that affects the production of a good
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