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Short-run Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity supplied over a short period, during which at least one input is fixed.
Break-even Point
The point at which total cost and total revenue are equal, meaning there is no net loss or gain.
Long-run Supply Curve
A graphical representation showing the relationship between the price of a good and the total output produced by firms in the market in the long-run, where all inputs can be varied.
Marginal Analysis
An examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
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