Marlow Soyka- Chapter 4 Supply

4. the willingness and ability of producers to offer goods and services for sale
6. level of production where it realizes the greatest amount of profit
7. the act of controlling business behavior through a set of rules or laws
10. a tax on the production or sale of a specific good or service
14. a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price
15. the income a business receives from selling a product
18. the price of the resources needed to produce a good or service
19. adding fixed and variable costs together
21. as each new worker causes total output to grow but at a decreasing rate
22. The change in total product that results from hiring one more worker

1. measure of how responsive producers are to price changes
2. an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price
3. a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market
4. producers are willing to sell more of a good or service at a higher price than they are at a lower price
5. Having each worker focus on a particular facet of production
8. expenses that the owners of a business must incur whether they produce nothing, a little, or a lot
9. shows the data from the market supply schedule
11. when something prompts producers to offer different amounts for sale at every price
12. the added revenue per unit of output
13. the application of scientific methods and discoveries to the production process
16. s the amount of goods and services that a person can produce in a given time
17. meaning each new worker adds more to total output than the last, as shown by the marginal product
20. business costs that vary as the level of production output changes