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Econ Ch. 5

TermDefinition
Supply The amount of goods available
Law of supply Tendency of suppliers to offer more of a good at a higher price
Quantity supplied The amount a supplier is willing and able to supply at a certain pricd
Supply schedule A chart that lists how much of a good a supplier will offer at different prices
Variable A factor that can change
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 by all suppliers at different prices
Market supply curve A graph of the quantity supplied of a good by all suppliers at different prices
Elasticity of supply A measure of the way quantity supplied reactd to a change in price
Marginal product labor Change in output from hiring one additional unit of labor
Increasing marginal returns A level of production in which the marginal product increases as the number of workers increases
Diminishing marginal returns A level of production in which the marginal product of labordecreases as the number of workers increases
Fixed cost Cost that does not change, no matter how much of a good is produced
Variable cost Cost that rises or falls depending on how much is produced
Total cost Fixed costs plus variable costs
Marginal cost The cost of producing one more unit of a good
Marginal revenue Additional income from selling one more unit of a good; sometimes equal to price
Operating cost Cost of operating a facility, such as a store or factory
Subsidy A govt. payment that supports a business or market
Excise tax A tax on the production or sale of a good
Regulation Govt. intervention in a market that affects the production of a good
Created by: 100000136505528
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