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Definition
| schedule of quantities offered for sale at all possible prices in a market. |
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Definition
| rule stating that more will be offered for sale at high prices than at lower prices. |
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Definition
| tabular listing showing the quantities produced or offered for sale at each and every possible price in the market. |
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Definition
| graphical representation of quantities produced or offered for sale at each and every possible price in the market. |
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Term
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Definition
| supply curve that shows the quantities offered at various prices by all firms that sell the product in a given market. |
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Definition
| government payment to encourage or protect a certain economic activity. |
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Term
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Definition
| responsiveness of quantity supplied to a change in price. |
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Term
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Definition
| theory dealing with the relationship between the factors of production and the output of goods and services |
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Term
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Definition
| unprocessed natural resources used in production. |
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Definition
| graphic portrayal showing how a change in the amount of a single variable input affects total output. |
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Definition
| total output or production by a firm. |
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Term
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Definition
| extra output due to the addition of one more unit of input. |
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Term
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Definition
| phases of production-increasing, decreasing, and negative returns. |
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Term
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Definition
| stage of production where output increases at a decreasing rate as more units of variable input are added. |
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