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PEAK: The transition of a business cycle from an expansion and a contraction. The end of an expansions carries the descriptive term peak. At the peak, the economy has reached the highest level of production in recent times. The bad thing about a peak, however, is that it is a turning point, a turning point to a contraction. So even though a peak is the "highest" is not necessarily something we want. We would prefer never to reach the peak.

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Lesson 6: Supply | Unit 4: Determinants Page: 15 of 19

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The five determinants that cause the supply curve to shift are:
  • Resource prices: If the price of any resource (labor, capital, land, or entrepreneurship) changes, so too does production cost and the ability to supply a good.
  • Technology: Improving production techniques enhance the ability to supply a good.
  • Prices of other goods: Goods using the same inputs can be either substitutes or complements in production.
  • Expectations: Sellers' current supply depends on expectations of future prices.
  • Number of sellers: More sellers, more supply. Fewer sellers, less supply.
These categories include all factors other than price that affect supply.

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LONG-RUN MARGINAL COST

The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is an increment of the corresponding total. It is the change in long-run total cost divided by, or resulting from, a change in quantity. Long-run marginal cost is guided by returns to scale rather than marginal returns.

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