ECON 2001.01 Chapter 5: ECON2001.01, Ch 5

• School: Ohio State University
• Department: Economics
• Course: ECON 2001.01
• Professor: Jeffrey Buser

Document Summary

Law of supply: a principle in economics that states that as the price of a good, service, or resource rises, the quantity supplied will increase, and vice versa, all else held constant. Diminishing marginal productivity: the principle that if at least one input of production is fixed, the marginal productivity of additional variable resources will eventually fall, all else held constant. Supply schedule: a tabular representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supple over a fixed time period, all else held constant. Supply curve: a graphical representation of the relationship between the price of a good, service, or resource and the quantities producers are willing and able to supply over a fixed time period, all else held constant. Quantity supplied: the quantity of a good, service, or resource that producers are willing and able to supply at a given price.