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Total product
total output or production by a firm
Supply schedule
a table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time
Subsidy
government payment to encourage or protect a certain economic activity
Quantity supplied
specific amount offered for sale at a given price; point on the supply curve
Production function
graphic portrayal showing how a change in the amount of a single variable input affects total output
Marginal cost
extra cost of producing one additional unit of production
Law of supply
principle that more will be offered for sale at higher prices than at lower prices
E-commerce
electronic business or exchange conducted over the Internet
Supply
amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time
Average revenue
average price that every unit of output sells for
What would happen to a producer if total revenue began to drop?
produce less of that item
What is the influence of high prices on behavior of producers?
high price is an incentive for a product to offer more
Which industry has the least elastic supply curve?
the nuclear industry
What do producers of an item hope to achieve when adopting new technologies?
​a shift of the supply curve for that item to the right
What is the stage of production when "diminishing returns" first becomes significant
Stage 2
What stage of production does maximum profit number of workers become apparent?
Stage 1
What is the change in total income when one additional unit of an output is added?
Marginal revenue
Are fixed costs and overhead similar?
Yes
What is the term associated with machines and other capital goods?
fixed cost
What is the term that best enables a firm to establish its profit-maximizing quantity of output?
periodic marginal analysis
Note 
Flashcard (32)