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Definition
| as price increases quantity supplied increases |
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| as price increases quantity demanded decreases |
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| analyzing decisions by thinking in terms of the cost/benefit consideration of 1 additional unit |
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| if the supply/demand is very likely to change in light of price fluxuations |
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Definition
| if the supply/demand is unlikely to change much in light of price fluxuations |
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Term
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Definition
| a cost associated with production that is fixed regardless of how much of an item is produced |
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Definition
| a cost associated with production that changes in conjunction with how much of an item is produced |
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Definition
| the total cost associated with producing one more of an item |
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Definition
| the total revenue increase associated with producing one more of an item (it's market price) |
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