Economics Chapter 5

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Across
  1. 4. Production cost that varies as output labor energy, and raw material.
  2. 7. a graph showing the various quantities supplied at all possible prices that might prevail in the market at any given time.
  3. 9. extra revenue from the scale of one additional unit of output.
  4. 10. a period long enough for the firm to adjust the quantities of all productive resources.
  5. 12. Broad category of fixed costs that include interest, rent, taxes, and exclusive salaries.
  6. 13. the costs that an organization incurs even if there is little or no activity.
  7. 15. Extra costs of producing one additional unit of production.
  8. 18. the amount that producers bring to market at any given price.
  9. 22. Principle that suppliers will normally offer more for sale at high prices and less at lower prices.
  10. 24. Average price that every unit of output sells for.
  11. 25. the total output produced by the firm.
  12. 26. suppliers offer different amounts of products for sale at all possible prices in the market.
Down
  1. 1. a measure of the way in which the quantity supplied responds to a change in price.
  2. 2. Total amount earned by a firm from the scale of its products; average price of a good sold times the quantity sold.
  3. 3. the change in amount offered for sale in response to a change in price.
  4. 5. supply curve that shows the quantities offered at various prices by all firms that offer the product for sale in a given market.
  5. 6. level of production where marginal costs are equal to marginal revenue.
  6. 8. a figure that shows how total output changes when the amount of a single variable input (usually labor) changes while all other inputs are held constant.
  7. 11. sum of variable costs plus fixed costs; all costs associated with production.
  8. 14. a period so brief that only the amount of the variable input can be changed.
  9. 16. a government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
  10. 17. a listing of the various quantities of a particular product supplied at all possible prices in the market.
  11. 19. the stage where output increases at a diminishing rate as more variable inputs are added.
  12. 20. Production level where total costs equals total revenue production needed if the firm is to recover its costs.
  13. 21. Electronic business of exchange conducted over the internet.
  14. 23. the extra output or change in total product caused by adding one more unit of variable input.
  15. 27. the amount of a product that would be offered for sale at all possible prices that could prevail in the market.