Economics chapter 5

shows the data from a supply schedule in graph form

• supply schedule

• market supply schedule

• supply

• law of supply

• supply curve

lists how much of a good or service an individual producer is willing and able to offer for sale at each price

• supply schedule

• market supply schedule

• supply

• law of supply

• supply curve

lists how much of a good or service all producers in a market are willing and able to offer for sale at each price

• supply schedule

• market supply schedule

• supply

• law of supply

• supply curve

the desire and ability to produce and sell a product

• supply schedule

• market supply schedule

• supply

• law of supply

• supply curve

states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases

• supply schedule

• market supply schedule

• supply

• law of supply

• supply curve

the change in total output brought about by adding one more worker

• supply schedule

• market supply schedule

• supply

• marginal product

• supply curve

having a worker focus on a particular aspect of production

• supply schedule

• market supply schedule

• specialization

• marginal product

• supply curve

occur when hiring new workers cases marginal product to decrease

• increasing returns

• diminishing returns

• specialization

• marginal product

• supply curve

occur when hiring new workers cases marginal product to increase

• increasing returns

• diminishing returns

• specialization

• marginal product

• supply curve

the extra cost of producing one more unit

• increasing returns

• diminishing returns

• specialization

• marginal product

• marginal cost