The quantity of something that producers have available for sale

Tendency of suppliers to offer more of a good at a higher price

a table that shows the relationship between the price of a good and the quantity supplied

a graph of the relationship between the price of a good and the quantity supplied

a graph of the quantity supplied of a good by all suppliers at different prices

government payment to encourage or protect a certain economic activity

change in the amount offered for sale in response to a price change; movement along the supply curve

a figure that shows how total output changes when the amount of a single variable input (usually labor) changes while all other inputs are held constant

a period so brief that only the amount of the variable input can be changed

a period long enough for the firm to adjust the quantities of all productive resources, including capital

total output produced by the firm

the extra output or change in total product caused by the addition of one more unit of variable input

phases of production that consist of increasing, decreasing, and negative returns

stage where output increases at a decreasing rate as more units of variable input are added

Costs that do not vary with the quantity of output produced

costs that vary with the quantity of output produced

broad category of fixed costs that includes interest, rent, taxes, and executive salaries

fixed costs plus variable costs

the cost of producing one more unit of a good

the point at which the number of units sold generates just enough revenue to equal the total costs; at this point, profits are zero

the total amount of money a firm receives by selling goods or services

the additional income from selling one more unit of a good

analysis that involves comparing marginal benefits and marginal costs

reached when marginal cost and marginal revenue are equal