Economics, 3rd Edition

supply schedule 

a table that shows the relationship between 

the price of a good and the quantity supplied

supply shock 

an event that directly alters firms’ costs and 

prices, shifting the economy’s aggregate supply curve and thus 

the Phillips curve

surplus 

a situation in which the quantity supplied is greater than 

the quantity demanded at the going market price

synergies 

where the perceived benefits of the combined 

operations of a merged organization are greater than those 

which would arise if the firms stayed separate

tacit collusion 

when firm behaviour results in a market outcome 

that appears to be anti-competitive but has arisen because firms 

acknowledge that they are interdependent

tariff 

a tax on goods produced abroad and sold domestically

tax incidence 

the manner in which the burden of a tax is shared 

among participants in a market