economics by jeff wood

4. of labor the change in output from hiring one additional unit of labor
5. the amount of goods available
7. producers offer more of a good as its price increases and less as its price falls
12. a graph of the quantity supplied of a good by all suppliers at various prices
14. intervention in a market that affects the production of a good
15. returns a level of production in which the marginal product of labor increases as the number of workers increases
18. a measure of the way quantity supplied reacts to a change in price
20. a tax on the production or sale of a good
21. a factor that can change

1. the additional income from selling one more unit of a good; sometimes equal to price
2. returns a level of production in which the marginal product of labor decreases as the number of workers increases
3. a chart that lists how much of a good all suppliers will offer at various prices
5. a graph of the quantity supplied of a good at various prices
6. a government payment that supports a business or market
8. a cost that does not change, no matter how much of a good is produced
9. the cost of operating a facility, such as a store or factory
10. a cost that rises or falls depending on the quantity produced
11. supplied the amount a supplier is willing and able to supply at a certain price
13. the cost of producing one more unit of a good
16. the total cost divided by the quantity produced
17. a chart that lists how much of a good a supplier will offer at various prices
19. the sum of fixed costs plus variable costs.