Supply Flashcards
1
Q
Quantity supplied
A
The amount of goods and services producers are willing and able to provide.
2
Q
Law of Supply
A
price increases = quantity supplied increases, ceteris paribus
3
Q
Diminishing Marginal Returns
A
As more factors of production are utilized, each additional unit brings declining returns in the shrot-run
4
Q
Marginal Costs
A
The cost of producing one additional good or service.
5
Q
Market Supply Curve
A
The sum of all individual supply for a good or service.
6
Q
Competitive Supply
A
The output of one good or service prevents the output of another.
7
Q
Joint Supply
A
The output of one good or service increases the output of another.
