Economics Module 13
Terms in this set (8)
is the total revenue a firm receives from selling its product minus the total cost of producing it.
is the amount of a good that firms are willing to supply at a particular price over a given period of time.
Law of Supply
an increase in the price of a good leads to an increase in the quantity supplied.
a table listing the quantity of the good that will be supplied at specified prices.
a graphical representation of the supply schedule, showing the quantity the firm will supply at each price.
Market Supply Curve
a graphical representation of the quantity supplied at various prices by all firms in the market.
in a market when there are many firms selling identical goods, firms are free to enter and exit the market, and consumers have full information about the price and availability of goods.
Elasticity of Supply
a measure of the responsiveness of the quantity supplied to price changes, calculated by dividing the percentage change in the quantity supplied by the percentage change in price.
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