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