Alex Uhler Chapter 5

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Across
  1. 5. Extra cost of producing one additional unit of production
  2. 6. Production level where total cost equals total revenue; production needed if the firm is to recover its costs
  3. 8. Different amounts offered for sale at each and every possible price in the market; shift of the supply curve
  4. 9. Total output or production by a firm
  5. 10. A table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time
  6. 14. Change in the amount offered for sale in response to a price change; movement along the supply curve
  7. 15. Production period so short that only variable inputs (usually labor) can be changed
  8. 16. Average price that every unit of output sells for
  9. 19. Specific amount offered for sale at a given price; point on the supply curve
  10. 23. Extra output due to the addition of one more unit of input
  11. 24. Graphic portrayal showing how a change in the amount of a single variable input affects total output
  12. 25. Amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time
  13. 26. Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
  14. 27. Government payment to encourage or protect a certain economic activity
  15. 28. Costs of production that do not change when output changes
Down
  1. 1. Electronic businesses or exchange conducted over the internet
  2. 2. Broad category of fixed costs that include interest, rent, taxes, and executive salaries
  3. 3. Level of production where marginal cost is equal to marginal revenue
  4. 4. Extra revenue from the sale of one additional unit of output
  5. 7. Responsiveness or quantity supplied to a change in price
  6. 11. A graph that shows the quantities supplied at each and every possible price in the market
  7. 12. Production period long enough to change amount of variable and fixed inputs used in production
  8. 13. Supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
  9. 17. phases of production that consist of increasing, decreasing and negative returns
  10. 18. Stage of production where output increases at a decreasing rate as more units of variable input are added
  11. 20. Principle that more will be offered for sale at higher prices than at lower prices
  12. 21. Production cost that varies as output changes; labor; energy; raw materials
  13. 22. Sum of variable cost plus fixed cost; all costs associated with production