Term
| the willingness and ability of producers to produce goods and services at various prices during a given time period |
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Definition
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Term
| tendency of suppliers to offer more of a good at a higher price |
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Definition
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Term
| a chart that lists how much of a good a supplier will offer at different prices |
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Definition
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Term
| a graph of the quantity supplied of a good at different prices |
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Definition
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Term
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Definition
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Term
| a measure of the way quantity supplied reacts to a change in price |
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Definition
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Term
| a cost that does not change, no matter how much of a good is produced |
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Definition
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Term
| a cost that rises or falls depending on how much is produced |
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Definition
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Term
| fixed cost plus variable cost |
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Definition
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Term
| the cost of producing one more unit of a good |
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Definition
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Term
| the additional income from selling one more unit of good |
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Definition
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Term
| a government payment that supports a business or market |
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Definition
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Term
| a tax on the production of sale of a good |
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Definition
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Term
| a level of production in which the marginal product of labor increases as the number of workers increases |
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Definition
| increasing marginal returns |
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Term
| a level of production in which the marginal product of labor decreases as the number of workers increases |
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Definition
| diminishing marginal returns |
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