| A | B |
|---|
| supply | amount of a product that would be offered for sale at all possible prices |
| fixed cost | cost a business incurs even if nothing is produced |
| supply curve | graph showing the various quantities supplied at each and every price |
| variable cost | cost that changes when the rate of operation or output changes |
| total revenue | number of units sold multiplied by the average price per unit |
| quantity supplied | amount of pruduct producers bring to market at any given pricer |
| raw materials | unrpocessed natural lproducts used in production |
| break-even point | total product a firm must sell to Cover its total costs |
| subsidy | government payment to encourage or protect an economic activity |
| long run | pperiod of productioin that/s long enough for adjustments in all resources |
| Law of Supply | principle that supliers will normally offer more for sale at high prices and less at lower prices |
| short run | period of production that is too short for any adjustments in production except changes in labor |
| overhead | total fixed cost |
| market supply curve | graph that shows the quantities of a product offered at various prices by all firms that offer the product |
| Law of Variable Proportions | principle that states that in the short run, output will change of only one input is varied |
| change in supply | situation in which suppliers offer different amounts of products for sale at all possible prices |
| total cost | sum of the fixed and varialbe costs |
| supply elasticity | measure of the way in which quantity supplied responds to changes in prices |
| marginal cost | extra cost incurred when a business produces one additional unit of a product |
| total product | total output produced by a firm |
