Blair Chapter 5

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Across
  1. 2. Change in the amount offered for sale in response to a price change.
  2. 4. Production level where a total cost equals total revenue; production needed if the firm is to recover its costs.
  3. 5. Average price that every unit of output sells for.
  4. 6. Production cost varies as output changes.
  5. 8. Costs of production that do not change.
  6. 11. Amount of a product a producer or seller would be willing to offer for sale.
  7. 12. Extra output due to the addition of one more until of output.
  8. 14. A graph that shows the quantities supplied at each and every possible price in the market,
  9. 16. Total output or production by a firm.
  10. 17. Production period long enough to change the amount of variable.
  11. 18. Supply curve shows the quantities offered at various prices by all firms that sell the same product in a given market.
  12. 20. Total amount earned by a firm from the sale of its products.
  13. 21. Sum of variable cost plus fixed cost.
  14. 22. Specific amount offered for sale at a given price; point on the supply curve.
  15. 23. Broad category of fixed costs that include interest, rent, taxes, and salaries.
  16. 25. Graphic portrayal showing how a change in the amount of a single variable input affects total output.
  17. 26. Government payment to encourage or protect a certain economic activity.
Down
  1. 1. Extra cost of producing one additional until of production.
  2. 3. production period so short that only variable inputs.
  3. 7. stage of production where output increases at a decreasing rate as more units of variable input are added.
  4. 9. Extra revenue from the sale of one additional unit of output.
  5. 10. A table showing the quantities that would be produced of offered for sale at each and every possible price.
  6. 13. Principle that more will be offered for sale at higher prices than that lower prices.
  7. 14. phases of production consist of increasing, decreasing, and negative returns.
  8. 15. Electronic business or exchange conducted over the internet.
  9. 19. Different amounts are offered for sale at each and every possible price in the market.
  10. 24. Maximizing quantity of output-level of production where marginal costs is equal to marginal revenue.