Chapter 5: Supply Review

mean price of a unit of output

• average revenue

• supply

• e-commerce

• Law of Supply

• marginal cost

the different amounts offered for sale at each possible price in the market

• average revenue

• supply

• e-commerce

• Law of Supply

• marginal cost

business conducted over the Internet

• average revenue

• supply

• e-commerce

• Law of Supply

• marginal cost

principle that more will be offered for sale at higher prices than at lower prices

• average revenue

• supply

• e-commerce

• Law of Supply

• marginal cost

extra expense created by producing one additional unit of production

• average revenue

• supply

• e-commerce

• Law of Supply

• marginal cost

graph showing how a change in the amount of a single variable input affects total output

• production function

• quantity supplied

• subsidy

• supply schedule

• total product

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

• production function

• quantity supplied

• subsidy

• supply schedule

• total product

government payment to encourage or protect a certain economic activity

• production function

• quantity supplied

• subsidy

• supply schedule

• total product

a chart showing the quantities offered for sale at each possible price in the market

• production function

• quantity supplied

• subsidy

• supply schedule

• total product

entirety of output or production by a firm

• production function

• quantity supplied

• subsidy

• supply schedule

• total product