Term
|
Definition
| the amount of goods avaible. |
|
|
Term
|
Definition
tendency of suppliers to offer more of a good at a
higher price |
|
|
Term
|
Definition
| the amount of supplier is willing and able to supply at a certain price |
|
|
Term
|
Definition
| a chart that lists how much of a good a supplier will offer at different prices. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a chart that lists how much of a good all suppliers will offer at different prices. |
|
|
Term
|
Definition
| a graph of the quantity supplied of a good at different prices. |
|
|
Term
|
Definition
| a graph of the quantity supplied of a good by all suppliers at different prices. |
|
|
Term
|
Definition
| a measure of the way quantity supplied reacts to a change in price. |
|
|
Term
| Marginal product of Labor |
|
Definition
| the change in output from hiring one additional unit of labor. |
|
|
Term
| increasing marginal retures |
|
Definition
| a level of production in which the marginal productions of labor increases as the number of workers increases |
|
|
Term
| Diminishing marginal returns |
|
Definition
| a level of production in which the marginal production of labor decreases as the number of workeres increses. |
|
|
Term
|
Definition
| a cost that does not change, no matter how much of a good is produced. |
|
|
Term
|
Definition
| a cost that rises or falls depending on how much is produced. |
|
|
Term
|
Definition
| fixed cost plus variable costs |
|
|
Term
|
Definition
| the cost of producing one or more unit of a good |
|
|
Term
|
Definition
| the additional income from selling one more unit of a good; sometimes equal to price. |
|
|
