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Economics

Economics Chapter Five

TermDefinition
supply the amount of goods available
law of supply producers offer more of a good as its price increases and less of a good as its price falls
quantity supplied the amount that a supplier is willing and able to supply at a specific price
supply schedule a chart that lists how much of a good a supplier will offer at various prices
variable a factor that can change
market supply schedule a chart that lists how much of a good all suppliers will offer at various prices
supply curve a graph of the quantity supplied of a good at various prices
market supply curve a graph of the quantity supplied of a good by all suppliers at various prices
elasticity of supply a measure of the way quantity supplied reacts to a change in price
marginal product of labor the change in output from hiring one additional unit of labor
increasing marginal returns a level of production in which the marginal product of labor increases as the number of workers increases
diminishing marginal returns a level of production at which the marginal product of labor decreases as the number of workers increases
fixed cost a cost that does not change, no matter how much of a good is produced
variable cost a cost that rises or falls depending on the quantity produced
total cost the sum of fixed costs plus variable costs
marginal cost the cost of producing one more unit of a good
marginal revenue the additional income from selling one more unit of a good; sometimes equal to price
average cost the total cost divided by the quantity produced
operating cost the cost of operating a facility, such as a factory or a store
subsidy a government payment that supports a business or market
excise tax a tax on the production or sale of a good
regulation government intervention in a market that affects the production of a good
Created by: sabrina.kizy
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