Economics Chapter 5

This is the change in the amount offered  for sale in response to a change in price.

This is a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.

This is A graph showing the various quantities supplied at each and every price that might prevail in the market.

This is the amount that producers bring to market at any given price.

This is a measure of the way in which quantity supplied responds to a change in price.

The total output produced by the firm.

 This states that, in the short run, output will change as one input is varied while the others are held constant.

The gradual wear and tear on capital foods over time and through use.

Answer explanation

The sum of the fixed and variable costs.

This is defined as the amount of a product that would be offered for sale at all possible prices that could prevail in the market.