Chapter 5 Vocab

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Across
  1. 3. Handled by way of
  2. 7. Average price that every unit of output sells for
  3. 8. Production period long enough to change amount of variable and fixed inputs used in production
  4. 10. Phases of production that consist of increasing, decreasing, and negative returns
  5. 12. Costs of production that do not change when output changes
  6. 15. Principle that more will be offered for sale at higher prices than at lower prices
  7. 17. Total output or production by a firm
  8. 20. Produces or brings into being
  9. 21. Different
  10. 22. Extra cost of producing one additional unit of production
  11. 25. A graph that shows the quantities supplied at each and every possible price in the market
  12. 28. Specific amount offered for sale at a given price; point on the supply curve
  13. 29. Broad category of fixed costs that includes interest, rent, taxes, and executive salaries
  14. 30. Graphic portrayal showing how a change in the amount of a single variable input affects total output
  15. 31. Production period so short that only variable inputs (usually labor) can be changed
  16. 32. Production cost that varies as output changes; labor, energy, raw materials
Down
  1. 1. Electronic business or exchange conducted over the Internet
  2. 2. Production level where total cost equals total revenue; production needed if the firm is to recover its costs
  3. 4. Gives time, money, or effort
  4. 5. Change in the amount offered for sale in response to a price change; movement along the supply curve
  5. 6. Different amounts offered for sale at each and every possible price in the market; shift of the supply curve
  6. 9. Government payment to encourage or protect a certain economic activity
  7. 11. Sum of variable cost plus fixed cost; all costs associated with production
  8. 13. Responsiveness of quantity supplied to a change in price
  9. 14. Assumed but not proven
  10. 16. Level of production where marginal cost is equal to marginal revenue
  11. 18. Stage of production where output increases at a decreasing rate as more units of variable input are added
  12. 19. Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
  13. 23. Amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time
  14. 24. Supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
  15. 25. A table showing the quantities that would be produced or offered for sale at each and every possible price in the market at a given point in time
  16. 26. Extra revenue from the sale of one additional unit of output
  17. 27. Extra output due to the addition of one more unit of input