| A | B |
|---|
| law of supply | tendency of suppliers to offer more of a good at a higher price |
| quantity supplied | the amount a supplier is willing and able to supply at a certain price |
| supply schedule | a chart that lists how much of a good a supplier will offer at a differnt pricers |
| Variable | A factor that can change |
| Market supply schdule | a chart that lists how much of a good all suppiliers will offer at a differnt price |
| Supply curve | a graph of the quantity supplied of a good by all supplied of a good at a different prices |
| Market supply curve | a graph of the quantity supplied good by all suppliers at different prices |
| elasticity of supply | a measure of the way quantity supplied reacts to a change in price |
| Marginal product of labor | the change in output from hiring one additional unit of labor |
| Increasing marginal returns | a level of production in which the marginal product of labor increases as the number of workers increases |
| diminishing marginal returns | a level of product of labor decreases as the number of workers increases |
| fixed cost | a cost that does not change no matter how much of a good is produced |
| variable cost | a cost that rises or falls depending on a how much is produced |
| total cost | fixed costs plus varible costs |
| marginal cost | the cost of producing one more unit of a good |
| marginal revenue | the additonal income from selling one more unit of a good sometimes equal to price |
| operating cost | the cost of operating a facility such as a store or factory |
| subsidy | a govt. payment that supports a business of a market |
| excise tax | a tax the production or saleof a good |
| regulation | govt. intervention in a market that affects the production of a good |
| Factors affecting supply | effect of rising costs, technology, subsidies,taxes, regulation, global economy, future expectations of prices, number of suppliers |
