Supply: The amount of goods available.

Law of Supply: Tendency of suppliers to offer more of a good at a higher price.

Quantity Supplied: The amount a supplier is willing and is able to supply at a certain price.

Supply Schedule: A chart that lists how much of a good a supplier will offer at different prices.

Variable: A factor that can change.

Market Supply Schedule: A chart that lists how much of a good all suppliers will offer at a different price.

Supply Curve: A graph of the quantity supplied of a good at different prices.

Market Supply Curve: A graph of the quantity supplied of a good by all suppliers at different prices.

Elasticity of Supply: A measure of the way quantity supplied reacts to a change in price.

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 increase.

Diminishing Marginal Returns: A level of production in which the marginal product of labor decreases as a result of the number of workers increasing.

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 how much is produced.

Total Cost: Fixed cost plus the variable cost.

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 store or a factory.

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.

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