Chapter 14/15 Key Terms Review

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Across
  1. 5. firm doesn't make direct money payment
  2. 8. cost paid in money by firm
  3. 9. cost of a firm's fixed factors of production
  4. 12. total variable cost per unit of output
  5. 15. market where small number of interdependent firms compete
  6. 17. marginal product of additional worker is less than marginal product of previous worker
  7. 19. total quantity of good produced in given time
  8. 21. market in which one firm sells a good/service that has no close substitutes and barriers blocking entry
  9. 22. market where many firms sell identical products and there are many buyers with no barrier to entry
  10. 23. as firm uses more of a variable factor of production, marginal product eventually decreases
Down
  1. 1. market where large number of firms compete by making similar but slightly different products
  2. 2. features of a firm's technology that make ATC rise as output increases
  3. 3. change in total product from one-unit increase in quantity of labor produced
  4. 4. features of a firm's technology that make ATC fall as the output increases
  5. 6. marginal product of additional worker exceeds marginal product of previous worker
  6. 7. cost of a firm's variable factor of production-labor
  7. 10. total product per worker employed
  8. 11. total fixed cost per unit of output
  9. 13. features of a firm's technology that keep ATC constant as output increases
  10. 14. total cost per unit of output
  11. 16. change in total cost from one-unit increase in output
  12. 18. cost of all factors of production used by firm
  13. 20. change in total revenue that results from one-unit increase in quantity sold