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 at 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, Operating Cost - The cost of operating a facility, such as a factory or a store, Average Cost - Total cost divided by the quantity produced, Negative Marginal Return - Whenever the marginal product of labor is negative, 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, 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 of a good or service that a producer is willing and able to supply at a specific price, Supply Schedule - a chart that lists how much of a good or service a supplier will offer at various prices, Variable - A factor that can change, Market Supply Schedule - a chart that lists how much of a good or service all suppliers will offer at various prices, Supply Curve - a graph of the quantity supplied of a good or service at various prices, Market Supply Curve - a graph of the total quantity supplied of a good or service by all suppliers at various prices, Elasticity of Supply - a measure of the way quantity supplied reacts to a change in price,

Econ Supply

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