Create an account
a schedule of quantities that would be offered for sale at all possible prices that could prevail in the market
slopes upward and to the right to reflect the tendency of suppliers to offer greater quantities for sale at higher prices
Change in Supply
producers offer different amounts of products for sale at all possible prices in the market
government payments to individuals, business, or other groups to encourage or protect a certain type of economic activity
Theory of Production
deals with the relationship between the factors of production and the output of goods and services
a period of production that allows producers to change only the amount of variable inputs-usually assumed to be labor
Law of Variable Proportions
that in the short run, output will change as one input is varied while the others are held constant
concept that relates to changes in output to different amounts of a single input while other inputs are constant
Stages of Production
increasing returns, diminishing returns and negative returns- that are based on the way marginal product changes as variable inputs are added
as more units of a certain variable input are added to a constant amount of other resources, total output keeps rising, but only at a diminishing rates
the extra revenue associated with the production and sale of one additional unit of output
type of decision making that compares the extra benefits to the extra cost of an action
the total output or total product the business needs to sell in order to cover its total cost
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