Across
- 5. sum of a variable cost plus fixed cost, all costs associated with production
- 7. business expenses that are not dependent on the level of goods or services produced by the business
- 9. total output or production by a firm
- 10. graphic portrayal showing how a change in amount of a single variable input effects total output
- 13. gives time, money, or effort
- 18. responsiveness of quantity supplied to a change in price
- 21. average price that every unit of output sells for
- 23. a graph that shows the quantities supplied at each and every possible price in the market
- 30. level of production where marginal cost is equal to marginal revenue
- 32. extra output due to the addition of one unit of input
- 33. to bring into existence especially produces or brings into being
Down
- 1. production period so short that only variable inputs (usually labor) can be changed
- 2. stages of production where outputs increases at a decreasing rate as more units of variable input are added
- 3. change in the amount offered for sale in response to a price change; movement along the supply curve
- 4. phases of production that consist of increasing, decreasing and negative returns
- 6. specific amount offered for sale at a given price; point on the Supply curve
- 8. government payment that encourages or protects a certain economic activity
- 11. the full amount of total sales of goods and services
- 12. handled by way
- 14. amount of a product a producer of seller would be willing to offer for sale at all possible prices in a market at a given point
- 15. production cost that varies as output changes; labor, energies and raw materials
- 16. different amounts offered for sale at each and every possible price in the market; shift of the supplycurve
- 17. broad category of fixed costs that includes interest, rent, taxes and executive sales
- 19. extra cost of producing one additional unit of production
- 20. production period long enough to change amount of variable and fixed inputs used in production
- 22. involving or based on a suggested idea or theory; involving or based on a hypothesis
- 24. principle that more will be offered for sale at a high prices than lower prices
- 25. supply curve that shows the quantities offered at various prices by all firms that sell the same product in a given market
- 26. different
- 27. the increase in revenue that results from the sale of one additional unit of output.
- 28. a table showing the quan that would be produced or offered for sale at each and every possible price in the market at a given time
- 29. Production level where total cost equals total revenue; production needed if firm is to recover its costs
- 31. electronic business or exchange conducted over the internet