Chapter 5 - Supply Vocabulary

A graph that shows the quantities supplied at each and every possible price in the market.

• supply curve
• supply schedule
• market supply curve
• Law of Supply

Government payment to encourage or protect a certain economic activity.

• supply elasticity
• hypothtical
• subsidy
• total product

Extra output due to the addition of one more unit of input.

• total product
• production function
• hypothetical
• marginal product

Phases of production that consist of increasing, decreasing, and negative returns.

• diminishing returns
• stages of production
• contributes
• fixed costs

Amount of a product offered for sale at all possible prices in a market at a given point in time.

• Supply
• Law of Supply
• Supply Schedule
• Market Supply Cuve

Broad category of fixed costs that includes interest, rent, taxes, and executive salaries.

• fixed costs
• total costs
• marginal costs
• overhead

Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold.

• total revenue
• average revenue
• marginal revenue
• profit-maximizing quantity of output

Electronic business or exchange conducted over the Internet

• e-bay
• e-trade
• e-commerce
• e-agle

Production period so short that only variable inputs (usually labor) can be changed.

• short cuts
• short run
• long run
• short shorts

A table showing the quantities produced or offered for sale at each and every possible price in the market at a given point in time.

• supply schedule
• demand schedule
• supply curve
• market supply curve