Chpt 5 Econ
The amount of goods available.
Law of Supply
Tendency of suppliers to offer more of a good at a higher price.
The amount a supplier is willing and able to supply at a certain price.
Chart that lists how much of a good a supplier will offer at different prices.
A factor that can change.
Market Supply Schedule
Chart that lists how much of a good all suppliers will offer at different prices.
Graph of the quantity supplied of a good by all suppliers at different prices.
Market Supply Curve
Graph of the quantity suppled of a good by all suppliers at different prices.
Elasticity of Supply
A measure of the way quantity supplied react to a change in price.
Marginal Product of Labor
The change in output from hiring one additional unit of labor.
Increasing Marginal Returns
Level of which the marginal product of labor increases as the number of workers increases.
Diminishing Marginal Returns
Level of production in which the marginal product of labor decreases as the number of workers increases.
A cost that does not change, no matter how much of a good is produced.
Cost that rises or falls depending on how much is produced.
Fixed costs plus variable costs.
Cost of producing one or more unit of a good.
The additional income from selling one more unit of a good; sometimes equal to price.
The cost of operating a facility, such as a store or factory.
Government payment that supports a business or market.
Tax on the production or sale of a good.
Government intervention in a market that affects the production of a good.
Chpt 5 Econ
words and def for chapter 5 econ