Chapter 5 Vocabulary

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