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OFA Econ Ch 5
Supply
Term | Definition |
---|---|
Law of Supply | Price increases, quantity supplied increases and price decreases, quantity supplied decreases |
supply | amount of good available |
quantity supplied | the amount of a good that a producer is willing and able to supply at a certain price |
supply schedule | chart that lists the quantity of a good supplied at different prices |
Variable | a factor that can change |
market supply schedule | chart that lists how much of a good that ALL suppliers at different prices |
supply curve | a graph of the quantity supplied of a good at different prices |
market supply curve | a graph of the quantity supplied of a good by ALL suppliers at different prices |
elasticity | 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 worker |
increasing marginal returns |