Ch 5 - Supply 

________: if another product is produced with higher profit, supply for existing product decreases.

________: employment increases as output increases.

________: represents the relationship between the price and the quantity supplied of a product.

________: total output that a firm producers using variable and fixed factors in a given time period.

the quantity of a good or service that producers are willing and able to supply at different prices in a given time period

as the price of a product rises, the quantity supplied of the product will eventually increase

represents the relationship between the price and the quantity supplied of a product

Changes in factors of production: (supply shifts to left) →  land, labour, capital, entrepreneurship

supply increases if product is expected to gain profit

if another product is produced with higher profit, supply for existing product decreases

as more variable factors are added to a given quantity fixed factors, holding tech constant, marginal product eventually drops

employment remains constant

employment increases as output increases

total output that a firm producers using variable and fixed factors in a given time period

change in total product as a result of change in input

the quantity of a good or service that producers are willing and able to supply at different prices in a given time period

as the price of a product rises, the quantity supplied of the product will eventually increase

supply increases if product is expected to gain profit

as more variable factors are added to a given quantity fixed factors, holding tech constant, marginal product eventually drops

employment remains constant

period with fixed + variable factors

period when all factors are variable

total output that a firm producers using variable and fixed factors in a given time period

output that is produced, an average, by each unit of the variable factor