Economics: C5: Supply
Terms
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- What is Supply?
- The amount of goods available.
- What is the Law of Supply?
- Tendency of suppliers to offer more of a good at a higher price.
- What is Quantity Supplied?
- The amount a supplier is willing and able to supply at a certain price.
- What is a Supply Schedule?
- A chart that lists how much of a good a supplier will offer at different prices.
- What is a Variable?
- A factor that can change.
- What is a Market Supply Schedule?
- A chart that lists how much of a good all suppliers will offer at different prices.
- What is a Supply Curve?
- A graph of the quantity supplied of a good a different prices.
- What is a Market Supply Curve?
- A graph of the quantity supplied of a good by all suppliers at a different prices.
- What is "Elasticity of Supply"?
- A measure of the way quantity supplied reacts to a change in price.
- What is the "Marginal Product of Labor"?
- The change in output from hiring one additional unit of labor.
- What are Increasing Marginal Returns?
- A level of production in which the marginal product of labor increased as the number of workers increases
- What are Diminishing Marginal Returns?
- A level of production in which the marginal product of labor decreases as the number of workers increases
- What is a Fixed Cost?
- A cost that does not change, no matter how much of a good is produced.
- What is Variable Cost?
- A cost that rises or falls depending on how much is produced.
- What is Total Cost?
- Fixed Costs plus Variable Costs.
- What is Marginal Cost?
- The cost of producing one more unit of a good.
- What is a Subsidy?
- A government payment that supports a business or market.
- What is an Excise Ta?
- A tax on the production or sale of a good.
- What is a Regulation?
- Government intervention in a market that affects the production of a good.