| A | B |
|---|
| guarentee of association | to pay claims on a timely basis with no excessive delays and to help relieve the financial burden placed on claimants when insurance companies fail |
| diminishing marginal returns | stage where output increases at a decreasing rate as more units of variable output are added |
| increasing marginal returns | stage where more workers are added and cooperate with each other to make better use of equipment |
| demand curve | grapg showing quantity demanded at each and every possible price that might prevail in a market at any given time |
| elasticity of demand | a measure od the responsiveness that shows how a change in quantity (dependent varible)responds to a change in price (independent variable) |
| subsidy | gov't payment to encourage or protect certain economic activity |
| substitute | competing products can be used in place of one another |
| supply schedule | listing of various quantities of a particular product supplied at all possible prices in market |
| complement | products that increase the use of other products |
| marginal revenue | extra revenue from the sale of one additional unit of output |
| total revenue | total revenue earned by a firm by the sale of its product |
| marginal cost | extra cost of producing one additional unit of production |
| market supply schedule | a table showing the price and the quantity supplied |
