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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.

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