Chapter 5 Assessment

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Across
  1. 4. As more of a variable resource is added to a given amount of other resources, marginal product eventually declines and could become negative
  2. 9. product The total output of the firm per period
  3. 10. A curve, or line, showing the quantities of a particular good supplied at various prices during a given time period, other things constant
  4. 11. The quantity of a good supplied during a given time period is usually directly related to its price, other things constant
  5. 12. cost equals total cost divided by output
  6. 14. indicates how responsive producers are to a change in price.
  7. 15. The total output of the firm per period
Down
  1. 1. Any production cost that changes as output changes
  2. 2. A period during which all of a firm’s resources can be varied
  3. 3. Any production cost that is independent of the firm’s output
  4. 5. The change in total revenue from selling another unit of the good
  5. 6. A period during which at least one of a fmir’s resources is fixed
  6. 7. A relation showing the quantities of a good producers are willing and able to sell at various prices during a given period, other things constant
  7. 8. The change in total cost resulting from a one-unit change in output; the change in total cost divided by the change in output, or quantity
  8. 13. equals total revenue minus total price