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supply the amount of goods available
quantity supplied the amount a supplier is willing and able to supply at a certain price
variable a factor that can change
supply schedule a chart that lists how much of a good A supplier will offer at different prices
market supply schedule a chart that lists how much of a good ALL suppliers will offer at different prices
supply curve a graph of the quantity supplied of a good at different prices
law of supply a tendency of suppliers to offer more of a good at a higher price
elastic supply a measure of the way quantity reacts to price change
inelastic supply demand that is Not sensitive to price change
fixed cost a cost that does not change
variable cost a cost that rises and falls depending on how much is produced
operating cost the cost of operating a store or factory
total cost a combination of the fixed cost and the variable cost
subsidy a government payment that supports a business or market
excise tax a tax on the production or sale of a good
Created by: beth weir