Across
- 6. extra cost of producing one additional unit of production (2 words, no space)
- 7. level of production where marginal cost is equal to marginal revenue (5 words, one dash, no spaces)
- 10. production cost that varies as output changes; labor, energy, raw materials (2 words, no space)
- 12. specific amount offered for sale at a given price; point on the supply curve (2 words, no space)
- 14. electronic business or exchange conducted over the Internet (separated by a dash)
- 17. total output or production by a firm (2 words, no space)
- 18. total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold (2 words, no space)
- 21. government payment to encourage or protect a certain economic activity
- 23. supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market (3 words, no spaces)
- 25. production period long enough to change amount of variable and fixed inputs used in production (2 words, no space)
- 26. graphic portrayal showing how a change in the amount of a single variable input affects total output (2 words, no space)
- 27. principle that more will be offered for sale at higher prices than at lower prices (3 words, no spaces)
- 28. a graph that shows the quantities supplied at each and every possible price in the market (2 words, no space)
Down
- 1. costs of production that do not change when output changes (2 words, no space)
- 2. change in the amount offered for sale in response to a price change; movement along the supply curve (4 words, no spaces)
- 3. production period so short that only variable inputs (usually labor) can be changed (2 words, no space)
- 4. average price that every unit of output sells for (2 words, no space)
- 5. broad category of fixed costs that includes interest, rent, taxes, and executive salaries
- 8. extra output due to the addition of one more unit of input (2 words, no space)
- 9. sum of variable cost plus fixed cost; all costs associated with production (2 words, no space)
- 11. 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 (2 words, no space)
- 13. 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
- 15. extra revenue from the sale of one additional unit of output (2 words,
- 16. phases of production that consist of increasing, decreasing, and negative returns (3 words, no spaces)
- 19. stage of production where output increases at a decreasing rate as more units of variable input are added (2 words, no space)
- 20. production level where total cost equals total revenue; production needed if the firm is to recover its costs (3 words, one separated by dash, no spaces)
- 22. responsiveness of quantity supplied to a change in price (2 words, no space)
- 24. different amounts offered for sale at each and every possible price in the market; shift of the supply curve (3 words, no spaces)