chapter 5 quizlet
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20 Terms
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supply
the amount of goods available
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quantity supplied
the amount a supplier is willing and able to supply at a set price.
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law of supply
the idea that producers offer more of a good as its price increases and less as its price falls
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variable
a factor that can change
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market supply schedule
a chart that lists how much of a good all suppliers will offer at various prices
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elasticity of supply
a measure of the way quantity supplied reacts to a change in price
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inelastic supply
when an increase in price has little effect on the supply demanded
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marginal product of labor
the change in output from hiring one additional unit of labor
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increasing marginal returns
a level of production in which the marginal product of labor increases as the number of workers increases
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diminishing marginal returns
a level of production at which the marginal product of labor decreases as the number of workers increases
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fixed cost
cost that stays the same no matter how much is produced
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variable cost
a cost that rises or falls depending on the quantity produced
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total cost
the sum of fixed costs and variable costs
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marginal cost
the cost of producing one more unit of a good
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marginal revenue
the additional income from selling one more unit of a good
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average cost
the total cost divided by the quantity produced
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operating cost
the cost of operating a facility , such as a factory or store
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regulation
when a government makes rules that affect the production of a good or service
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excise tax
a tax placed on the creation or sale of a product
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subsidy
a government payment that supports a business or market