Elizabeth Knepp Chap 5 Rev

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