Chapter 5

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Across
  1. 3. Extra cost of producing one additional unit of production.
  2. 8. Responsiveness of quantity supplied to a change in price
  3. 9. Production period so short that only variable inputs (usually labor) can be changed.
  4. 11. supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
  5. 13. Production period long enough to change amount of variable and fixed inputs used in production
  6. 16. sum of variable cost plus fixed cost; all costs associated with production
  7. 19. 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
  8. 20. Produces or brings into being
  9. 22. broad category of fixed costs that includes interest, rent, taxes, and executive salaries
  10. 25. 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.
  11. 28. Different
  12. 29. different amounts offered for sale at each and every possible price in the market; shift of the supply curve
  13. 31. Graphic portrayal showing how a change in the amount of a single variable input affects total output
  14. 32. Extra revenue from the sale of one additional unit of output
Down
  1. 1. Specific amount offered for sale at a given price; point on the supply curve
  2. 2. gives time, money,or effort
  3. 4. total output or production by a firm
  4. 5. cost of production that do not change when output changes
  5. 6. Total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
  6. 7. handled by way of
  7. 10. Assumed but not proven
  8. 12. Production cost that varies as output changes; labor, energy, raw materials
  9. 14. quantity of outputs level of production where marginal cost is equal to marginal revenue.
  10. 15. stage of production where output increases at a decreasing rate more units of variable inputs are added
  11. 17. supplied Change in the amount offered for sale in response to a price change; movement along the supply curve
  12. 18. Principle that more will be offered for sale at higher prices than at lower prices
  13. 21. Average price that every unit of output sells for.
  14. 23. point where production level that total cost equals total revenue; production needed if the firm is to recover its costs.
  15. 24. Extra output due to the addition of one or more unit of input.
  16. 26. government payment to encourage or protect a certain economic activity
  17. 27. Electronic business or exchange conducted over the Internet.
  18. 30. A graph that shows the quantities supplied at each and every possible price in the market