principle that suppliers will normally offer more for sale at high prices and less at lower prices Law of Supply period of production that allows producers to change only the amount of the variable input short run total fixed cost overhead shows the quantities offered at various prices by all firms that offer the product for sale market supply curve output will change as one input is varied while the others are held constant Law fo Variable Proportions relationship btw the factors of production and the output of goods and services theory of production suppliers offer different amounts of products for sale at all possible prices in the market change in supply the sum of the fixed and variable costs total cost measure of the way in which quantity supplied responds to a change in price supply elasticity extra cost incurred marginal cost total output produced by the firm total product supply curve shifts to the left bc decrease in supply supply curve shifts to the right bc increase in supply businesses engage in e-commerce bc the overhead is so low the difference in profit and marginal revenue profit is the salary the business makes originally, marginal revenue is the extra revenue produced by a product of one additional unit of output Elastic more than proportional Unit elastic proportional Inelastic less than proportional types of cost fixed,variable,total,marginal
Of Mice and Men 