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economics - supply

Patrick Almazar

activity in economics

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3.change in output that results from changing the labor input by one unit, all other factors remaining constant.
4.A decrease in the quantity supplied at every price; a shift to the left of the supply curve.
8.cost related to the next-best choice available to someone who has picked among several mutually exclusive choices
9.The situation resulting when the quantity supplied exceeds the quantity demanded of a good or service, usually because the price is for some reason below the equilibrium price in the market.
12.Factors that influence producer decisions about goods, services, or resources.
14.a situation wherein the quantity supplied is irresponsive to price changes
16.production srefers to how the marginal production of a factor oftarts to progressively decrease as the factor is increased
1.graph that shows the different rates of production of two goods and/or services that an economy can produce efficiently during a specified period of time with a limited quantity of productive resources
2.any commodities or services used to produce goods and services
3.A setting where buyers and sellers establish prices for identical or very similar products, and exchange goods and/or services.
5.changes in supply brought about by factors other than price
6.entities that supply the good and services to the market
7.A increase in the quantity supplied at every price; a shift to the right of the supply curve.
9.amount of goods and services which sellers are willing to sell or supply in the market at various alternative prices at a time
10.measure of output from a production process, per unit of input
11.The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers
13.a graphic representation of the relationship between the amounts which sellers are willing to supply the market with a particular commodity at various prices, other things held constant
15.process of production

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