chapter five

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