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Terms in this set (31)
Schedule of quantities offered for sale at all possible prices in market.
Law of Supply
Rule stating that more will be offered for sale at high prices than at lower prices.
Tabular listing showing the quantities produced or offered for sale at each and every possible price in the market.
Graphical representation of the quantities produced at each and every price in the market.
Market Supply Curve
Supply curve that shows the quantities offered at various prices by all firms that sell the product in a given market.
Amount offered for sale at a given price; point on the supply curve.
Change in Quantity Supplied
Change in amount offered for sale in response to a price change; movement along the supply curve.
Change in Supply
Different amounts offered for sale at each and every price in the market; shift of the supply curve.
Government payment to encourage or protect a certain economic activity.
Responsiveness of quantity supplied to a change in price.
Theory of Production
Theory dealing with the relationship between the factors of production and the output of goods and services.
Production period so short that only variable inputs can be changed.
Production period long enough to change amount of variable and fixed inputs used in production.
Law of Variable Proportions
Rule stating that short-run output will change as one input is varied while others are held constant.
Graphic portrayal showing how a change in the amount of a single variable input affects total output.
Unprocessed natural resources used in production.
Total output or production by a firm.
Extra output due to the addition of one more unit of input.
Stages of Production
Increasing, decreasing, and negative returns.
Stage of production where output increases at a decreasing rate as more units of variable input are added.
Cost of production that does not change when output changes.
Broad category of fixed costs that include interest, rent, taxes, and executive salaries.
Production cost that varies as output changes; labor, energy, raw materials.
Variable cost plus fixed cost; all costs associated with production.
Extra cost of producing one additional unit of production.
Electronic business or exchange conductedover the internet.
Total receipts; price of goods sold times quantity sold.
Extra revenue from the sale of one additional unit of output.
Decision making that compares the extra cost of doing something
Production needed if the firm is to recover its costs; production level where total cost equals total revenue.
Profit-Maximizing Quantity of Output
Leel of production where marginal cost is wqual to marginal revenue.
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