Chapter 5 Key Terms Crossword Puzzle

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Across
  1. 2. a tax on the production or sale of a specific good or service
  2. 5. the additional cost of producing one more unit of a product
  3. 7. the willingness and ability of producers to offer goods and services for sale
  4. 9. business costs that vary as the level of production output changes
  5. 11. when something prompts producers to offer different amounts for sale at every price
  6. 14. a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price in a market
  7. 17. the price of the resources needed to produce a good or service
  8. 18. a measure of how responsive producers are to price changes
  9. 19. the added revenue per unit of output, or the money made from each additional unit sold
  10. 21. a graph that shows how much of a good or service an individual producer is willing and able to offer for sale at each price
  11. 23. a table that shows how much of a good or service all producers in a market are willing and able to offer at each price
  12. 24. where marginal cost and marginal revenue are equivalent
  13. 25. an increase or decrease in the amount of a good or service that producers are willing to sell because of a change in price
Down
  1. 1. the change in total product that results from hiring one more worker
  2. 3. it states that producers are willing to sell more of a good or service at a higher price than they are at a lower price
  3. 4. shows the data from the market supply schedule as a graph
  4. 6. the amount of goods and services that a person can produce in a given time
  5. 8. expenses that the owners of a business must incur whether they produce nothing, a little, or a lot
  6. 10. a situation in which new workers cause marginal product to grow but at a decreasing rate
  7. 12. a situation in which hiring new workers cause marginal product to increase
  8. 13. Having each worker focus on a particular facet of production
  9. 15. the income a business receives from selling a product
  10. 16. the combination of fixed and variable costs
  11. 20. the application of scientific methods and discoveries to the production process
  12. 22. the act of controlling business behaviour through a set of rules or laws