Chapter 5 Vocab

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