Chapter 5

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