Demand, Supply, and Market Equilibrium

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Across
  1. 2. production period so short that only variable inputs can be changed
  2. 9. unprocessed natural resources used in production
  3. 10. When supply equals demand
  4. 12. Table showing the demand of a product as price increases
  5. 15. theory dealing with the relationship between the factors of production and the output of goods and services
  6. 17. decision making that compares the extra cost of doing something to the extra benefit gained
  7. 18. Increasing, decreasing, and negative returns
  8. 19. Cost that fluctuates
  9. 20. The minimum price that a product can be priced at
  10. 22. elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied)
  11. 23. Satisfaction decreases as use of a product increases
  12. 25. rule stating that more will be offered for sale at high prices than at lower prices
  13. 26. table showing the supply of a product as price increases
  14. 28. total receipts; price of goods sold times quantities sold
  15. 29. extra output due to the addition of one more unit of input
  16. 30. total output or production by a firm
Down
  1. 1. level of production where marginal cost is equal to marginal revenue
  2. 3. The maximum price that a product can be priced at
  3. 4. Products that can be used in place of another
  4. 5. How income can affect supply and demand
  5. 6. The demand by all the consumers of a good or service
  6. 7. Products that are consumed together
  7. 8. amount offered for sale at a given price; point on the supply curve
  8. 11. graph showing the quantity demanded and how price affects it
  9. 13. measure of responsiveness relating change in quantity demanded (dependent variable) to a change in price (independent variable
  10. 14. Graph that shows the quantity supplied and how price affects it
  11. 16. broad category of fixed costs that includes interest, rent, taxes, & executive salaries
  12. 21. When price increases, consumer’s _______ decreases
  13. 24. When price increases, sellers increase this_____
  14. 27. a measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an independent variable such as price