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This is the vocab from chapter 5 of Pearson's Economics.
Terms in this set (27)
supply
the amount of goods available
law of supply
producers offer more of a good as its price increases and less as its price falls
quantity supplied
the amount a supplier is willing and able to supply at a certain price
variable
a factor that can change
supply schedule
a chart that lists how much of a good a supplier will offer at various prices
market supply schedule
a chart that lists how much of a good all suppliers will offer at various prices
supply curve
a graph of the quantity supplied of a good at various prices
market supply curve
a graph of the quantity supplied of a good by all suppliers at various prices
elasticity of supply
a measure of the way quantity supplied reacts to a change in price
marginal product of labor
the change in output from hiring one additional unit of labor
increasing marginal returns
a level of production in which the marginal product of labor increases as the number of workers increases
diminishing marginal returns
a level of production in which the marginal product of labor decreases as the number of workers increases
fixed cost
a cost that does not change, no matter how much of a good is produced
variable cost
a cost that rises or falls depending on the quantity produced
total cost
the sum of fixed costs plus variable costs.
marginal cost
the cost of producing one more unit of a good
marginal revenue
the additional income from selling one more unit of a good; sometimes equal to price
average cost
the total cost divided by the quantity produced
operating cost
the cost of operating a facility, such as a store or factory
subsidy
a government payment that supports a business or market
excise tax
a tax on the production or sale of a good
regulation
government intervention in a market that affects the production of a good
why do firms increase production when the price of a good goes up
to encourage new firms to join the market which will add to the quantity supplied of the good
fixed costs include
1. rent
2, machinery repair
3. property taxes
4. worker's salaries
variable costs include
1.
price of raw materials
2. some labor
3. electricity and heating bills
why should a firm keep a money-losing factory open?
if the total revenue from the goods is greater than the cost of keeping the factory open
when is a firm likely to locate close to its consumers?
depends on transporting costs
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