| A | B |
|---|
| supply schedule | Table that lists each quantity of a product that producers are willing to supply at various market prices |
| elactic supply | Exists when producers significantly change production in response to relatively small increases or decreases in a product's price |
| variable costs | Costs that change with changes in output or production of supply |
| supply curve | Curve that shows the direct relationship between price and the quantity of a product that is supplied |
| inelastic supply | Exists when, regardless of price, producers are unable or unwilling to increase or decrease the supply of a product |
| supply | Quantity of goods and services that producers offer at each price |
| competition | Economic rivalry among producers or sellers of similar goods for customers or markets |
| profit | Amount of money that producers make after all of the costs of production have been paid |
| determinants of supply | Nonprice factors that affect supply |
| fixed costs | Costs that do not change as output changes |
