Term
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Definition
| Small Increase In Price Leads To Large Increase In Supply |
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Term
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Definition
| When Price And Supply Change Are Proportional |
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Term
| What Are The Determinants Of Elasticity? |
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Definition
Adjusting Production Can Be Done Quickly
Simple Production With No Advance Planning
If Substitution For A Given Product Is Easy |
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Term
| What Is Change In Quantity Supplied? |
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Definition
| Change In Amount Offered Due To Price Change |
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Term
| In What Direction Do Supply Curves Move? |
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Definition
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Term
| What Causes A Supply Curve To Shift To The Left? |
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Definition
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Term
| What Causes A Supply Curve To Shift To The Right? |
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Definition
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Term
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Definition
| Amount Of Product Offered At All Possible Market Prices |
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Term
| What Is Change In Supply? |
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Definition
| Suppliers Offer Different Amounts Of Product For Sale At All Possible Prices |
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Term
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Definition
Costs More Make More
Costs Less Make Less |
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Term
| When The Price Falls Too Low? |
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Definition
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Term
| What Factors Cause Change In Supply? |
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Definition
Cost Of Inputs
Productivity Levels
Technology |
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Term
| What Are Examples of Fixed Costs? |
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Definition
Rent
Salaries
Taxes
Depreciation |
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Term
| What Is Marginal Product? |
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Definition
| Extra Output From One Additional Worker |
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Term
| What Is Stage One Increasing Returns? |
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Definition
| As Marginal Product Continues To Grow For Every Additional Worker |
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Term
| What Is Stage Two Diminishing Returns? |
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Definition
| Each New Worker Hired Causes Marginal Product To Decrease |
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Term
| What Is Stage Three Negative Returns? |
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Definition
| For Each Additional Employee Hired Marginal Product Becomes Negative |
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Term
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Definition
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Term
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Definition
| Average Price Multiplied By How Much Sold |
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Term
| What Is Law Of Variable Proportions? |
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Definition
| Output Will Change When Only One Variable Is Not Kept Constant |
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