1.
diminishing marginal returns: a level of production in which the marginal product of labor decreases as the number of workers increases
2.
elasticity of supply: a measure of the way quantity supplied reacts to a change in price
3.
excise tax: a tax on the production or sale of a good
4.
fixed cost: a cost that does not change, no matter how much of a good is produced
5.
increasing marginal returns: a level of production in which the marginal product of labor increases as the number of workers increases
6.
law of supply: tendency of suppliers to offer more of a good at a higher price
7.
marginal cost: the cost of producing one more unit of a good
8.
marginal product of labor: the change in output from hiring one additional unit of labor
9.
marginal revenue: the additional income from selling one more unit of a good; sometimes equal to price
10.
market supply curve: a graph of the quantity supplied of a good by all suppliers at different prices
11.
market supply schedule: a chart that lists how much of a good all suppliers will offer at different prices
12.
operating cost: the cost of operating a facility, such as a store or factory
13.
quantity supplied: the amount a supplier is willing and able to supply at a certain price
14.
regulation: governement restrication in a market that affects the production of a good
15.
subsidy: a government payment that supports a business or market
16.
supply: the amount of goods available
17.
supply curve: a graph of the quantity supplied of a good at different prices
18.
supply schedule: a chart that lists how much of a good a supplier will offer at different prices
19.
total cost: fixed costs plus variable costs
20.
variable: a factor that can change
21.
variable cost: a cost that rises or falls depending on how much is produced
