| A | B |
|---|
| tax | payment to the government |
| subsidy | payment of money by the government to private businesses |
| marginal costs | the costs of producing one more unit of output |
| total costs | the sum of the fixed costs and variable costs |
| profit | key motivation behind supplier's behavior |
| inelastic | when a change in a good's price has little impact on the amount supplied |
| overhead | total fixed costs of a company |
| elastic | a small change in a good's price causes a major change in the quantity supplied |
| variable costs | production costs that change as output changes |
| revenues | a business that makes a profit when its costs of production are less than its what? |
| total produt | all of the product a company makes in a given time period |
| supply curve | a graph containing information from a supply shedule |
| depreciation | the lessening in value of calpital goods is included in a company's fixed costs |
| decrease | this happens to supply when there is a lack of competition |
