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MARKET SUPPLY: The total supply of every seller willing and able to sell a good. Market supply is found by combining the individual supplies of every firm or producer willing and able to sell a particular good. The market supply curve is found by horizontally adding all individual supply curves, that is, sum up the quantities supplied by all sellers at each and every price. Market supply operates according to the law of supply, as illustrated by a upward-sloping market supply curve. For higher prices the quantity supplied by all sellers in the market combined is greater than the quantity supplied for lower prices.

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AUTONOMOUS CONSUMPTION: Household consumption expenditures that are unrelated to income or production (especially disposable, national income, or gross national product). These are consumption expenditures that would occur even if household disposable income was zero. Autonomous consumption is graphically depicted as the vertical intercept of the consumption or propensity-to-consume line. Autonomous saving is the equal to the negative value of autonomous consumption. Changes in autonomous consumption, along with changes in other autonomous expenditures, are what trigger the multiplier effect.

     See also | consumption expenditures | disposable income | gross domestic product | consumption line | autonomous saving | autonomous expenditure | multiplier | induced consumption |


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AUTONOMOUS CONSUMPTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 21, 2023].


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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT

A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.

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