chapter 5 economics

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Across
  1. 2. occur when hiring new workers causes marginal product to increase
  2. 3. is a set of rules or laws designed to control business behavior
  3. 6. are the price of the resources used to make products
  4. 9. is the amount of goods and services that a person can produce in a given time
  5. 12. occurs when a change in the marketplace prompts producers to sell different amounts at every price
  6. 16. lists how much of a good or service all producers in a market are willing and able to offer for sale at each price
  7. 17. is the money made from the sale of each additional unit of output
  8. 18. lists how much of a good or service an individual producer is willing and able to offer for sale at each price
  9. 21. are those that business owners incur no matter how much they produce
  10. 22. is the sum of fixed and variable costs
  11. 23. is the level of production at which a business realizes the greatest amount of profit
  12. 24. is a rise or fall in the amount producers offer for sale because of change in price
Down
  1. 1. is the change in total output brought about by adding one more worker
  2. 4. is a measure of how responsive producers are to price changes in the market place
  3. 5. entails applying scientific methods and innovations to production
  4. 7. is a companys income from selling its products
  5. 8. depend on the level of production output
  6. 10. the desire and ability to produce and sell a product
  7. 11. states that when prices decrease, quantity supplies decreases, and when prices increase, quantity supplied increases
  8. 13. shows the data from a market supply schedule in graph form
  9. 14. shows the data from a supply schedule in graph form
  10. 15. is having a worker focus on a particular aspect of production
  11. 19. is a tax on the making or selling of certain goods or services
  12. 20. is the extra cost of producing one more unit