Economics Chapter 4 Supply – Flashcards
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marginal cost
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usually rises as the rate of production rises
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supply
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the various amounts of something a producer is willing and able to sell at different possible prices
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market supply
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the sum of all producers' supplies in a given market
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decrease in supply
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people want to sell less of a product at all prices possible
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price effect
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producers want to sell more at higher prices than at lower prices
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more efficient equipment
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causes the supply curve to shift to the right
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opportunity cost
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business people bear this when producing things we want
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when something is produced there is always...
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an opportunity cost
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producers usually sell more at higher prices than at lower prices because...
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their marginal costs usually rise as they increase production
