Studied by 2 peoplesupply
the amount of goods available
quantity supplied
the amount a supplier is willing and able to supply at a set price.
law of supply
the idea that producers offer more of a good as its price increases and less as its price falls
variable
a factor that can change
market supply schedule
a chart that lists how much of a good all suppliers will offer at various prices
elasticity of supply
a measure of the way quantity supplied reacts to a change in price
inelastic supply
when an increase in price has little effect on the supply demanded
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 production at which the marginal product of labor decreases as the number of workers increases
fixed cost
cost that stays the same no matter how much is produced
variable cost
a cost that rises or falls depending on the quantity produced
total cost
the sum of fixed costs and variable costs
marginal cost
the cost of producing one more unit of a good
marginal revenue
the additional income from selling one more unit of a good
average cost
the total cost divided by the quantity produced
operating cost
the cost of operating a facility , such as a factory or store
regulation
when a government makes rules that affect the production of a good or service
excise tax
a tax placed on the creation or sale of a product
subsidy
a government payment that supports a business or market
Note 
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