Econ Chapter 5

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