Chapter 5: Supply

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

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

• total product
• production function
• hypothetical
• marginal product

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

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

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

Amount offered for sale at a given price; point on the supply curve.

• change in quantity supplied
• change in supply
• quantity supplied
• none of the above

Responsiveness of quantity supplied to a change in price.

• supply elasticity
• supply inelasticity
• supply curve
• supply schedule

Stage of production where output increases at a decreasing rate as more units of variable input are added.

• contributes
• diminishing returns
• Stage I
• Stage II

Costs of production that do not change when output changes

• total costs
• marginal costs
• fixed costs
• overhead

Level of production where marginal cost is equal to marginal revenue.

• Equalization
• Equilibrium
• profit margin
• profit-maximizing quantity of output