Chapter 5
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| show | Amount of a product offered for sale a all possible prices in a market.
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| Change in Quantity Supplied | show 🗑
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| Change (shift) in supply | show 🗑
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| Supply Elasticity | show 🗑
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| show | Graphic portrayal showing how a change in the amount of a single variable input affects total output.
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| Short run | show 🗑
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| Long Run | show 🗑
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| show | Total output or production by a firm
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| show | Extra output due to the additional of one more unit of input.
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| show | Stage of production where output increases at a decreasing rate as more units of variable input are added.
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| Fixed Costs | show 🗑
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| show | Broad category of fixed costs that include interest, rent, taxes, and executive salaries.
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| Variable Cost | show 🗑
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| Total Cost | show 🗑
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| show | Extra cost of producing one additional unit of production.
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| show | Total amount earned by a firm from the sale of its products; price of goods sold times quantity sold.
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| Marginal Revenue | show 🗑
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| show | Level of production where marginal cost is equal to marginal revenue.
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| show | Production level where total cost equals total revenue; production needed if the firm is to recover its costs.
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| Price Floor | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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