Chapter 5 - Economics

 the change in output from hiring one additional unit of labor

• marginal product of labor

• marginal cost

• marginal revenue

• increasing marginal returns

a measure of the way quantity supplied reacts to a change in price

• law of supply

• supply curve

• supply

• elasticity of supply

a graph of the quantity supplied of a good by all suppliers at different prices

• market supply schedule

• market supply curve

• supply schedule

• supply curve

a graph of the quantity supplied of a good at different prices

• supply curve

• supply schedule

• market supply curve

• market supply schedule

a chart that lists how much of a good all suppliers will offer at different prices

• market supply schedule

• market supply curve

• supply schedule

• supply curve

a factor that can change

• regulation

• excise tax

• variable

• subsidy

the amount a supplier is willing and able to supply at a certain price

• supply

• law of supply

• elasticity of supply

• quantity supplied

tendency of suppliers to offer more of a good at a higher price

• supply schedule

• law of supply

• supply

• quantity supplied

the amount of goods available

• supply

• law of supply

• quantity supplied

• supply curve

government intervention in a market that affects the production of a good

• operating cost

• fixed cost

• subsidy

• regulation