Econ 5
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| law of supply | show 🗑
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| supply | show 🗑
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| show | the amount that a supplier is willing and able to supply at a specific price
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| certris paribus | show 🗑
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| show | chart that lists how much of a good a supplier will offer at various prices
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| variable | show 🗑
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| show | chart that list how much of a good all suppliers will offer at various prices
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| supply curve | show 🗑
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| show | a measure of the way quantity supplied reacts to a change in price
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| show | change in output from hiring one additional unit of labor
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| show | level of production in which the marginal product of labor increases as the number of workers increases
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| diminishing marginal returns | show 🗑
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| fixed costs | show 🗑
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| show | cost that rises or falls depending on the quantity produced
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| total cost | show 🗑
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| show | cost of producing one more unit of a good
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| show | additional income from selling one more unit of a good; sometimes equal to price
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| show | total cost divided by the quantity produced
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| show | cost of operating a facility, such as a factory or a store
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| subsidy | show 🗑
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| excise tax | show 🗑
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| show | government intervention in a market that affects the production of a good
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| show | Adding fixed costs plus variable costs together
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| show | Subtracting total cost from total revenue
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| In what situation would a factory that is losing money keep operating? | show 🗑
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| show | It makes workers more effecient.
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| Analyzing future price expectations | show 🗑
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| show | Cost of transporting a finished good to the consumer
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| Why is labor a variable cost? | show 🗑
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| show | Any human-made resource used to produce other goods. Exam. sewing machine, scissors
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| Market Supply Curve | show 🗑
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| What encourages a producer to make more of a good? | show 🗑
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| show | The total revenue minus the total cost
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