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Chapter 5 Supply

QuestionAnswer
supply amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time
Law of Supplly principle that more will be offered for sale at higher prices than at lower prices
supply schedule a table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time
supply curve a graph that shows the quantities supplied at each and every possible price in the market
market supple curve supple curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
quantity supplied specific amount offered for sale at a given price; point on the supply curve
change in quantity supplied change in the amount offered for sale in response to a price change; movement along the supply curve
change in supply different amounts offered for sale at each and every possible price in the market; shift of the supply curve
subsidy government payment to encourage or protect a certain economic activity
supply elasticity responsiveness of quantity supplied to a change in price
production function graphic portrayal showing how a change in the amount of a single variable input affects total output
short run production period so short that only variable inputs (usually labor) can be changed
long run production period long enough to change amount of variable and fixed inputs used in production
total product total output or production by a firm
marginal product extra output due to the addition of one more unit of input
stages of production phases of production that consist of increasing, decreasing, and negative returns
diminishing returns stage of production where output increase at a decreasing rate as more unites of variable input are added
fixed costs costs of production that do not change when output changes
overhead broad category of fixed costs that includes interest, rent, taxes, and executive salaries
variable cost production cost that varies as output changes; labor, energy, raw materials
total cost sum of variable cost plus fixed costs; all costs associated with production
marginal cost extra cost of producing one additional unit of production
average revenue average price that every unit of output sells for
total revenue total amount earned by a firm from the sale of its products; average price of a good solid times times the quantity sold
marginal revenue extra revenue from the sale of one additional unit of output
profit-maximizing quantity of output level of production where marginal cost is equal to marginal revenue
break-even point production level where total cost equals total revenue; production needed if the firm is is to recover its costs
e-commerce electronic business or exchange conducted over the internet