Chapter 5 - Supply

Front

amount of a product offered for sale at all possible prices in a market

Back

supply

Front

shows quantities offered at various prices by all firms that sell a product in a given market

Back

market supply

Front

production period so brief that only variable inputs (labor) can be changed

Back

short run

Front

What is the term for the production period length enough to change the amount of all inputs used in production? Options: long run, breaking-even point, diminishing marginal return, fixed costs, market supply

Back

long run

Front

stage of production at which output increases at a decreasing rate

Back

diminishing marginal return

Front

production expenses that do not change when output changes

Back

fixed costs

Front

production expenses that change as output changes, such as labor or raw materials

Back

variable cost

Front

all expenses associated with production

Back

total cost

Front

level of production at which marginal cost is equal to marginal revenue

Back

profit-maximization point

Front

production level at which total cost equals total revenue

Back

breaking-even point