Chapter 5 Economic Vocab

2. different amounts offered for sale at each & every possible price in the market;shift on curve
3. production cost that varies as output changes; labor, energy, raw materials
6. level of production where marginal cost is equal to marginal revenue
9. average price that every unit of output sells for
10. production period so short that only variable input can be hanged
11. principle that more will be offered for sale at higher prices than at lower prices
14. graphic portrayal showing how a change in the amount of a single variable input affect total output
16. extra cost of producing one additional unit of production
18. phases of production that consist of increasing, decreasing, and negative returns
19. broad category of fixed costs that includes interest, rent, taxes, and executive salaries
20. changeinquantitysupplied change in the amount offered for sale in response to a price change; movement along the supply curve
21. supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
25. specific amount offered for sale at a given price; point on the supply curve
26. assumed but not proven
27. principle that more will be offered for sale at higher prices than at lower prices
28. production period long enough to change amount of variable & fixed inputs used in production
29. handled by way of
30. produces or brings into being

1. extra revenue from the sale of one additional unit of output
4. total output or production by a firm
5. production level where total cost equals total revenue; production needed if the firm is to recover its costs
7. total amount earned by a firm from the sale of its products; average price of a good sold times the quantity sold
8. costs of production that do not change when output changes
11. government payment to encourage or protect a certain economic activity
12. electronic business or exchange conducted over the Internet
13. stage of production where output increases at a decreasing rate as more units of variable input are added
15. sum of variable cost plus fixed cost; all costs associated with production
17. extra output due to the addition of one more unit of input
22. a graph that shows the quantities that shows the quantities supplied at each & every possible price in the market
23. responsiveness of quantity supplied to change in price
24. 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
29. gives time, money, or effort