Across
- 4. a cost that does not change, no matter how much of a good is produced
- 9. goods that you would buy in small quantities, or not at all, if your income were to rise
- 10. additional cost of producing one more unit
- 11. fixed and variable costs added together
- 12. a firm will produce less and less output from each additional unit of labor
- 15. additional income from selling one more unit of a good
- 16. measures how firms will respond to changes in the price of a good or service
- 18. describes how much of a good or service a producer is willing and able to sell at a specific price
- 21. goods that consumers demand more of when their income increases
- 22. producers offer more of a good or service as its price increases and less as its price falls
- 23. table that lists the quantity of good that a person will purchase at various prices in a market
- 24. tax on the production or sale of a good
Down
- 1. if you buy much less of a good after a small price increase
- 2. if you buy the same amount of just a little less of a good after a large price increase
- 3. total cost divided by the quantity produced
- 5. when a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good
- 6. factors that can lead to the shifting of demand up or down
- 7. because specialization increases output per worker, the second worker adds more to output than the first
- 8. when a good's price is lower, consumers will buy more of it
- 13. the amount of a good or service that is available
- 14. cost of operating the facility
- 17. government payment that supports a business or market
- 19. the amount of money the company receives by selling its goods
- 20. if you buy fewer slices of pizza without increasing your purchases of other foods