What is Supply?
Principle that more will be offered for sale at higher prices than at lower prices ...
Answer: Law of Supply.
Graphic portrayal showing how a change in the amount of a single variable affects total output ...
Answer: production function.
Costs of production that do not change when output changes ...
Answer: fixed costs.
A table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time ...
Answer: supply schedule.
Stage of production where output increases at a decreasing rate as more units of variable input are added ...
Answer: diminishing returns.
Broad category of fixed costs that includes interest, rent, taxes, and executive salaries ...
Answer: overhead.
A graph that shows the quantities supplied at each and every possible price in the market ...
Answer: supply curve.
Phases of production that consist of increasing, decreasing, and negative returns ...
Answer: stages of production.
Production cost that varies as output changes; labor, energy, raw materials ...
Answer: variable cost.
Specific amount offered for sale at a given price; point on the supply curve ...
Answer: quantity supplied.
Extra output due to the addition of one more unit of input ...
Answer: marginal product.
Sum of variable cost plus fixed cost; all costs associated with production ...
Answer: total cost.
Different amount offered for sale at each and every possible price in the market; shift of the supply curve ...
Answer: change in supply.
Total output or production by a firm ...
Answer: total product.
Extra cost of producing one additional unit of production ...
Answer: marginal cost.