Vocab 1
A graphical representation of the supply schedule, showing the quantity the firm will supply at each price.
What is a Supply Curve?
The total revenue a firm receives from selling its product minus the total cost of producing it.
What is Profit?
The period of time during which the quantity of at least one input is fixed.
What is a Short Run?
The total cost if fixed cost is $15 and variable cost is $17
What is $32?
A table listing the quantity of a good that will be supplied at specified prices.
What is a Supply Schedule?
A payment made by the government to support a particular activity.
What is a Subsidy?
The period of time in which the quantities of all inputs are variable.
What is a Long Run?
The total cost if fixed cost is $62 and variable cost is $93
What is $155
An increase in the price of a good leads to an increase in the quantity supplied.
What is the Law of Supply?
The additional cost of producing one more unit of output.
What is Marginal Cost?
The cost of inputs that do vary with the amount of output produced.
What is Variable Cost?
The fixed cost if variable cost is $103 and total cost is $152
What is $49?
The sum of the two firm’s willingness to supply.
What is the Quantity Supplied?
The entire amount the firm must spend to produce a
specified amount of output.
What is Total Cost?
The cost of inputs that do not vary with the amount of output produced.
What is Fixed Cost?
The variable cost if fixed cost is $247 and total cost is $542
What is $295?
An industry made up of smaller firms, each selling homogeneous products to a larger number of buyers.
What is Perfect Competition?
The amount by which total output increases when one more worker is hired.
What is Marginal Product of Labor?
When marginal product is negative due to employing more workers (which actually causes total output to fall).
What is Negative Marginal Returns?
The total cost if fixed cost is $396 and variable cost is $572
What is $968?