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OFA Econ Ch 5

Supply

TermDefinition
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
Created by: venettle192
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